Intro.

Avalanche has a bridge that enables the transfer of Bitcoin to the Avalanche network. The bridge allows for the transfer of Bitcoin to an address controlled by an SGX enclave, and the Bitcoin is represented on the Avalanche network as an ERC20 token called BTC.b . The token is designed to only support Pay-To-Witness-Public-Key-Hash output types on Bitcoin .

According to a news article from Coindesk, Bitcoin bridged to Avalanche has surpassed BTC locked in the Lightning Network. However, it is important to note that this information may be subject to change and may not represent the current state of BTC transfers to Avalanche chain.

Overall, while there is limited information available on the current growth of BTC transfers to Avalanche chain, it appears that there is a bridge in place that enables such transfers to be made.

BTC.b

• Daily and total static of transfer count of BTC.b is shown on graphs above.
• Total of 305.5K transfers has been executed since 2022, and transfers of 2022 is ~1.7 times of transfers of 2023.
• Its daily chart shows growing steadily which grows from lower than 10 transfers on May 2022 to its maximum which occurred on Feb 2, 2023 with 5,455 transfers.

• Daily and total static of transfer volume of BTC.b is shown on graphs above.
• Total of 183.2K $BTC.b has been transferred since 2022, and volume of transfers of 2022 is ~1.63 times of volume of transfers of 2023.
• Its daily chart shows growing steadily which grows from lower than 0.002 transferred $BTC.b on May 2022 to around 2K transferred $BTC.b on 2023, it had several spikes in 2022 which highest one has occurred on Sep 28, 2022 with 7.2K transferred $BTC.b

• Daily and total static of average transfer volume of BTC.b per unique users is shown on graphs above.
• Average volume of transferred $BTC.b of 2023 is ~1.2 times of average volume of transferred $BTC.b of 2022.
• Its daily chart shows growing steadily towards 2023 but as we see it has some considerable spikes in 2022 as well which highest one has occurred on Sep 28, 2022 with 31 average volume of transferred $BTC.b

• Daily and total static of unique transferrer count of BTC.b is shown on graphs above.
• Total of 21.2K unique transferrers has been active since 2022, and unique transferrers of 2022 is ~2 times of unique transferrers of 2023.
• Its daily chart shows growing steadily which grows from around 2 unique transferrers on May 2022 to around 500 unique transferrers on February 2023, its maximum has occurred on Dec 9, 2022 with 629 unique transferrers.

Donut chart above shows histogram for transfers of BTC which is divided based on their transferred volume as shown on chart.

Total of 7,077 transfers has been executed according to this contract(BTC.b) and as we see transfers with less than 0.1 BTC has majority of these which shows its users are mostly regular users and not whales or other major crypto owners, only 1.22% of transfers had transferred more than 100 BTC which approves this.

WBTC.e

• Daily and total static of transfer count of WBTC.e is shown on graphs above.
• Total of 1.5M transfers has been executed since 2021, and transfers of 2022 is ~1.44 times of transfers of 2021 and ~9.7 times of transfers of 2023.
• Its daily chart shows a decreasing trend since 2021 towards 2022 with several spikes along the way which highest one has occurred early on Sep 20, 2021 with 29K transfers.

• Daily and total static of transfer volume of WBTC.e is shown on graphs above.
• Total of 1.26M $WBTC.e has been transferred since 2021, and volume of transfers of 2021 is ~1.7 times of volume of transfers of 2022 and 43 times of volume of transfers of 2023.
• Its daily chart shows decreasing steadily which decreases from its highest volume on Oct 4, 2021 with 34K to around 300 transferred $WBTC.e on February 2023.

• Daily and total static of average transfer volume of WBTC.e per unique users is shown on graphs above.
• Average volume of transferred $WBTC.e of 2021 is ~3 times of average volume of transferred $WBTC.e of 2022 and 8 times of average volume of transferred $WBTC.e of 2023.
• Its daily chart shows decreasing steadily which decreases from its highest average volume on Nov 10, 2021 with 31 to around 1 average transferred $WBTC.e on February 2023.

• Daily and total static of unique transferrer count of WBTC.e is shown on graphs above.
• Total of 5.5K unique transferrers has been active since 2021, and unique transferrers of 2022 is ~1.6 times of unique transferrers of 2021 and 8.6 times of unique transferrers of 2023.
• Its daily chart shows decreasing steadily which decreases from from around 1K unique transferrers on October 2021 to around 350 transferrers on February 2023.

Donut chart above shows histogram for transfers of BTC which is divided based on their transferred volume as shown on chart.

Total of 3,681 transfers has been executed according to this contract(WBTC.e) and as we see transfers with less than 0.1 BTC has majority of these which shows its users are mostly regular users and not whales or other major crypto owners, only 1.06% of transfers had transferred more than 100 BTC which approves this.

avWBTC

• Daily and total static of transfer count of avWBTC is shown on graphs above.
• Total of 506K transfers has been executed since 2021, and transfers of 2022 is ~1.66 times of transfers of 2021 and ~14 times of transfers of 2023.
• Its daily chart shows a decreasing trend since 2021 towards 2022 with several spikes along the way which highest one has occurred early on Oct 6, 2021 with 6,125 transfers.

• Daily and total static of transfer volume of avWBTC is shown on graphs above.
• Total of 225K $avWBTC has been transferred since 2021, and volume of transfers of 2021 is ~1.04 times of volume of transfers of 2022 and 75 times of volume of transfers of 2023.
• Its daily chart shows a decreasing trend since 2021 towards 2022 with several spikes along the way which highest one has occurred on Apr 20, 2022 with 4.4K volume of transfers.

• Daily and total static of average transfer volume of avWBTC per unique users is shown on graphs above.
• Average volume of transferred $avWBTC of 2021 is ~1.73 times of average volume of transferred $avWBTC of 2022 and ~13.2 times of average volume of transferred $avWBTC of 2023.
• Its daily chart shows a decreasing trend since 2021 towards 2022 with several spikes along the way which highest one has occurred on Dec 13, 2021 with 17 average transferred volume per unique user.

• Daily and total static of unique transferrer count of WBTC.e is shown on graphs above.
• Total of 20.5K unique transferrers has been active since 2021, and unique transferrers of 2022 is ~1.66 times of unique transferrers of 2021 and ~10 times of unique transferrers of 2023.
• Its daily chart shows a decreasing trend since 2021 towards 2022 with several spikes along the way which highest one has occurred on Oct 4, 2021 with 966 unique transferrers.

Donut chart above shows histogram for transfers of BTC which is divided based on their transferred volume as shown on chart.

Total of 1,280 transfers has been executed according to this contract(avWBTC) and as we see transfers with less than 0.1 BTC has majority of these which shows its users are mostly regular users and not whales or other major crypto owners, only 2.34% of transfers had transferred more than 100 BTC which approves this.

Conclusions

• WBTC.e has most transfers and volume of transfers among these contracts, avWBTC and BTC.b are second and third contracts.
• BTC.b has increasing statics towards 2023 unlike WBTC.e and avWBTC which they increased in 2022 compared to 2021 but decreased again on 2023.
• Transfers of avWBTC has most percentages of whales and transfers of BTC.b has most percentages of regular users.
• So as we saw $AVAX price behaves in correlation of BTC transfers into Avalanche ecosystem which both increases in 2022 and decreases in 2023.

Method.

• avalanche.core.fact_token_transfers is used to creat my queries in this dasboard.
• Three contracts of BTC.b , WBTC.e , avWBTC are used to observe growth of BTC into Avalanche ecosystem.
• Observed parameters are:
  • ==Transfer Count==
  • ==Transfer Volume==
  • ==Transfer Volume per each Unique User==
  • ==Unique Transferrer count==

$AVAX Price

Chart above shows Price of AVAX since 2021 and as we see its price increased towards 2022 but then decreased in 2023.

The 3 months correlation between Bitcoin and Avalanche is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Bitcoin and Avalanche in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Avalanche and Bitcoin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Bitcoin are associated (or correlated) with Avalanche. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Avalanche has no effect on the direction of Bitcoin i.e., Bitcoin and Avalanche go up and down completely randomly.

Pair Correlation Between Bitcoin And Avalanche