📜 Introduction

What is Avalanche?

• Avalanche is a revolutionary new consensus algorithm that has been designed to provide fast and secure transactions. It is based on the concept of "verifiable random function" (VRF) and utilizes a novel consensus mechanism known as "avalanche effect" to achieve consensus in a distributed system.
• 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

📌Some Defenations

Btb.b is a Bitcoin-based cryptocurrency that works on the Avalanche blockchain. It is a proof-of-stake (PoS) asset that rewards holders with staking rewards. It is a non-custodial token, meaning that users are able to store and manage their own tokens without the need for a third party. Btb.b also features a lightning-fast transaction speed, with near-instant settlements.

Wbtc.e Is an Ethereum-based token that works on the Avalanche blockchain. It is a decentralized, open source, and interoperable platform that enables users to securely transfer and store digital assets. It enables developers to build and deploy smart contracts on Avalanche, and also provides users with a range of tools for managing digital assets.

AvBTC Is a Bitcoin-based token that works on the Avalanche blockchain. It is a multi-asset platform that enables users to securely transfer, store, and manage digital assets. It is designed to provide users with a secure and reliable way to store and transfer digital assets. AvBTC also features a lightning-fast transaction speed, with near-instant settlements

🤔 Questions?!

1. Price of $AVAX vs $BTC Over time ?
2. BTC.b overall stats on Avalanche?
   • BTC.b Burn and Mint
   • Weekly Cumulative BTC.b on Avalnche
   • New BTC.b Holder since 2023
3. Avalanche -> Bitcoin - Bridging Metrics ?
   • Daily Number of Bridging Transactions
   • Cumulative Number of Bridging Transactions
   • Daily Bridged Volume $BTC & $USD
4. $BTC → $AVAX Swaps
   • Daily Number of Swaps - BTC.b -> WAVAX
   • Cumulative Number of Swaps over time
   • Swap Volume
5. BTC.b Distribution on Avalanche
   • BTC.b Holding Breakdown on Avalanche
   • Total BTC.b wallet Holders
   • Average & Median BTC.b Ballance per Holder

🔎 Methodology

In this article I'm going to use these tables to delve deeper into the ecosystem and find out questions :

1. crosschain.core.fact_hourly_prices to get token price for comparison between tokens
2. avalanche.core.fact_token_transfers is used to get transfer and swap information
3. Moreover I used three main contracts to filter my data in queries :
   • BTC.b '0x152b9d0fdc40c096757f570a51e494bd4b943e50'
   • WAVAX '0xb31f66aa3c1e785363f0875a1b74e27b85fd66c7'
   • Avalanche Bridge: Bitcoin '0xf5163f69f97b221d50347dd79382f11c6401f1a1'
   • origin_function_signature = '0xa888d914'

Please notice that in this dashboard I filtered all transactions from May 2022 and also count transactions with ‘Succeeded‘ label

Price of $AVAX vs $BTC

Insight

As we can realize from the price chart of both coins slightly had same price changing
Moreover the Avax price reached to the $21.3 on 2th February in less than a month from $10.7 which signficant growth despite of high bitcoin dominance
Also in case of percentage price changing we can see Avax doing very well; especially on First week of February which bitcoin was negative but Avax reached avrage %20 - %22

BTC.b overall stats on Avalanche?

Insight

According to the first charts we can see some spikes on 2022 in case of mint and burn Btc.b but it's clealrly visible the amount of these actions on 2023 has increased very signficant especially on February the avrage amount of mint and burn reached 2.5K $Btc.b which is 5 times bigger than avrage actions on 2022
Despite of high volatility on 2023 we can realize that the highest amount of Net Minted BTC.b has been acheived on Sep 26th
Moreover till today we have 6.39K BTC.b minted on Avalanche and according to the cumulative chart we can see the sharpnes of minting btc.c rise up on 2023 which show increasing popularity at this ecosystem
Also in user side of Btc.b holders we can see on last week of 2022 we had most new btc.b holder on avalnche (almost 2k) which is 4 times bigger than avarage weekly new users; but we can see by starting 2023 an deacrising trend has been started which deacresed from 1.02k to 456 If we look closer we can see the number of new holders on 2023 were much more than 2022 which cumulative chart can prove that In

Avalanche -> Bitcoin - Bridging Metrics ?

Insight

According to bridginig transactions chart we can't realize any upward or downward trend but we can see a huge spike on Feb 1th; we had 110 transctions related to BTC.b bridged which show 1.03K $BTC bridged with value of 23.78M $USD which is highest amount of bridged $BTC in 2023
Moreover we can see the rate of transactions increased over time on February and also cumultive chart can prove that from february the sharpness of transaction chart has been increased
Also we can see on February avrage amount of bridging has been rised up to more than 5M $USD
As mentioned earlier In overall we can't see any special trend by starting 2023 but on February we can see some increasing trend in case of wallets and amount of $BTC bridged which can be a positive sign for the network

$BTC → $AVAX Swaps

Insight

Despite of the high volume of bridging transactions on February we can't see any signficant swap metric on this month but on the another hand we can realize some huge spikes on January
Moreover on last week of January we can see highest amount of swap transactions and volume; also we can see the amount of btc.b -> WAVAX reached to 131k $USD on Jan 27th which could pump AVAX $Price
As I mentioned earlier one of the reason for rise in price of AVAX could be that the BTC being bridged is being swapped to AVAX which is clealrly visible on Jan 27th that the price rise up from $18 to $20 (Almost %10 price changing) but The number of swaps have gone down lately though
If we make compare 2023 vs 2022 we can realize that on last month of 2022 the swap metrics decreased signficantly but on 2023 this factors recovered very well which show more user interaction in new year

BTC.b Holding Breakdown on Avalanche

Insight

According to the first metrics, the top three $BTC.b holders on Avalanche are Aave, GMX, and Benqi Finance, which all of them are Decentrlized Finance(DeFi) on the Avalanche ecosystem
If we dive deeper we reach that about 87% of all the BTC.b bridged to Avalanche observed by these 3 protocols which prove that user show more intract with DeFi services
Also we should notice that almost 75% of all wallets that have held BTC.b on Avalanche have sold all of their holdings, suggesting that these users are using the platform primarily for trading and liquidity provision
Moreover according to the Metrics just %2 of all wallets hold more than 0.1 btc.b which indicating that a small percentage of users are holding a significant amount of BTC.b on Avalanche

Conclusion

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