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BTC price and impact on Thor chain User activities. During the past few days, the BTC prices dropped about 10K US dollars. Due to that, Rune and other tokens faced a 20-50% drop in their prices. I want to examine what did Thorchain Users at different prices of BTC?
The below chart shows the average hourly price of BTC and RUNE from June 9th. This chart shows how the BTC price impacted on Rune price. Rune prices decreased, followed by BTC. The patterns are exactly like each other. BTC price was about 30K but in three days decreased to 21.5K us dollars. Rune's price was 2.8 Dollars but decreased to 1.7$.
The below chart shows the total hourly swaps Vs. BTC prices. as you can see in only some hours, I think users wait to see where BTC goes. But after a day, They faced a huge drop. So they started to swap their tokens. The average swaps were about 300-400 per hour, but when the BTC drop started, the number of swaps increased to more than 1000 swaps per hour.
The below chart shows the total hourly unique users which swapped their tokens when BTC prices decreased. It seems the number of unique users hasn't changed during the BTC decrease.
This graph shows the total hourly swaps based on top pools that users used to swap their tokens. I can see some trends in the below chart. First, BNB.BUSD pool increased most in comparison to other pools. It means that user swapped their tokens to Stablecoin. The increasing wave started when BTC price dropped about 8-10%. The second is BTC. You can see how the number of swaps in the BTC pool increased. Users tried to sell their BTC when BTC prices decreased to 25K dollars.
According to the below chart, BNB and THOR were the most used Blockchain on Thorchain. The number of swaps increased in both blockchains when the BTC prices started to drop.
Let's examine stake and unstake activities on Thorchain. As you can see, the price of BTC didn't impact user activities. Even they staked more than average during those prices.
In unstake activities, When BTC price approached 25K, The number of unstaked increased. It seems user withdraw their amounts and maybe swapped to other tokens.
There are two types of users.
- When BTC or other token prices decrease, Users just see where ever market goes and only hold their tokens.
- When BTC or other token prices decrease, Users start to sell their tokens as soon as possible.
Written by Hess
where
discord_id: hess#0890
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twitter_id: @hessaminanloo