A country with a score of 1 has the highest cryptocurrency adoption, while a country with a score of 0 has the lowest, measured between July 2020 and June 2021.
Regional BTC flows
Assets typically flow within a region, likely due to preferences for local exchanges, but flows between regions often occur as a result of regulatory concerns, geopolitical changes, or significant market price variations.
People and businesses transfer assets on the blockchain for different use cases, for example to trade, invest, or purchase goods and services. These flows show the overall level of asset use and how assets flow between use cases. Most flows on the blockchain are assets in transit between services, moving via unknown entities.
Exchange BTC flows
Assets flow between exchanges as traders balance assets across venues, each of which offers different prices, liquidity and products. Flows to crypto-to-fiat exchanges suggest people are interested in cashing out to fiat.
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Age is the time an asset is held by an entity. The longer an asset is held, the more likely it is that holders are using the asset as a store of value or are inactive.
Liquidity of BTC held
Liquidity is the degree to which an entity sends on assets it receives. Illiquid entities act as sinks, reducing the number of assets available to buy. An increase in illiquid assets may therefore potentially increase prices.
Unrealized USD gain of BTC held
The unrealized USD gain or loss of assets held by entities, relative to their value when the entity received them. The greater the unrealized gain the more likely an entity is to send assets to an exchange to sell, thereby realizing the gain, unless the entity is inactive.
Dive deeper into mining pools and their role in the market
Mining pools typically receive newly mined assets, then distribute these to miners who are members of the pool. Miners may then send assets to other destinations, such as exchanges, where assets may be sold to cover the costs of mining. Mining pools can also receive assets from other sources, and if these assets are sent on by mining pools then the destination of these assets is recorded here.
BTC total fees
Entities pay fees to make a transfer.
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The flow of assets to and from illicit services can be observed due to the transparency of the blockchain. Illicit flows are serious and can be worth significant amounts, but are typically a small minority of total flows.
Known illicit BTC funds held
Illicit services, or their counterparties, retain assets they receive until they can be placed into legitimate services for laundering. Illicit funds held therefore represent the known scale of future potential laundering.
Known illicit BTC funds placed
Illicit funds are placed into legitimate services, as the first stage of money laundering. Different types of illicit services may favour placing funds into different types of legitimate service.