UTXO Realized Price Distribution (URPD)
Shows the distribution of Bitcoin's supply by the price at which each UTXO was last moved. Each bar represents how much BTC has its cost basis in that price range.
URPD (USD-weighted) — Invested Wealth
Weights each UTXO by its dollar value at acquisition. Shows where capital is concentrated.
Invested Wealth(P) = P · S(P)
URPD (BTC-weighted) — Supply Distribution
Shows raw BTC supply at each cost-basis price, unweighted by dollar value.
S(P) = Σ utxo.value where utxo.price ∈ [P, P + ΔP)
URPD (CD-weighted) — Coindays Stored
Weights each UTXO by BTC × days held (Coinblocks Stored). Emphasizes old, large positions. Based on the Cointime Economics framework (Puell & Check, 2023).
CD(P) = Σ (supply_in_age_band × midpoint_days) per price bin P
URPD (VD-weighted) — Valuedays Stored
Weights each UTXO by realized_cap × days held. Combines dollar conviction with time held — the dollar-denominated version of Coindays.
VD(P) = Σ (realized_cap_in_age_band × midpoint_days) per price bin P
Realized Cap
The total value of all UTXOs priced at their last-moved price. Reflects the aggregate cost basis of the entire supply.
RC = Σᵢ Pᵢ · Sᵢ for all price bins i
Long-Term Holders (LTH)
UTXOs that have not moved for ≥ 155 days. Represents conviction holders and long-term accumulators.
LTH = { utxo | age(utxo) ≥ 155 days }
Short-Term Holders (STH)
UTXOs that have moved within the last 155 days. Represents recent buyers, traders, and speculators.
STH = { utxo | age(utxo) < 155 days }
Supply in Profit / Loss
Percentage of invested wealth (USD) or supply (BTC) with cost basis below/above spot price.
Profit % = Σ W(P) for P ≤ Spot / Σ W(P) × 100
Rolling Window (Delta Mode)
When set to 1D (default), shows the standard URPD snapshot. When set to 7D/30D/90D, switches to delta mode: shows the net redistribution of supply over that period. Green bars = supply accumulated at that price bin. Red bars = supply left that bin. Computed as URPD(day) − URPD(day−N) per bin. Useful for tracking where capital is flowing in/out over institutional reporting periods.
ΔURPD(day, P) = URPD(day, P) − URPD(day−N, P)
Positive = accumulation | Negative = distribution
Spent Output Price Distribution (SOPD)
Shows the distribution of Bitcoin's spent outputs by the price at which each output was originally acquired. Each bar represents how much BTC (or USD value) was spent from that cost-basis price range on a given day. Derived by differencing consecutive URPD snapshots: supply that disappeared from a price bin = spent from that bin.
SOPD (USD-weighted) — Spent Invested Wealth
Weights each spent output by its dollar value at original acquisition. Shows where realized capital was concentrated.
Spent Wealth(P) = P · S_spent(P)
SOPD (BTC-weighted) — Spent Supply Distribution
Shows raw BTC volume of spent outputs at each cost-basis price, unweighted by dollar value.
S_spent(P) = Σ spent_output.value where output.price ∈ [P, P + ΔP)
SOPD (CD-weighted) — Spent Coindays
Weights each spent output by BTC × days held before spending. Emphasizes old, large positions that were liquidated. Based on the Cointime Economics framework (Puell & Check, 2023).
CD_spent(P) = Σ (spent_supply_in_age_band × midpoint_days) per price bin P
SOPD (VD-weighted) — Spent Valuedays
Weights each spent output by realized_cap × days held before spending. Combines dollar conviction with holding time for spent outputs.
VD_spent(P) = Σ (spent_realized_cap_in_age_band × midpoint_days) per price bin P
Realized Cap of Spent
The total value of all spent outputs priced at their original acquisition price. Represents the aggregate cost basis of all outputs that moved on that day.
RC_spent = Σi Pi · Si for all price bins i
Long-Term Holders (LTH)
Spent outputs that had been held for ≥ 155 days before being spent. Represents conviction holders and long-term accumulators selling.
LTH = { spent_output | age(output) ≥ 155 days }
Short-Term Holders (STH)
Spent outputs that had been held for < 155 days before being spent. Represents recent buyers, traders, and speculators selling.
STH = { spent_output | age(output) < 155 days }
Spent in Profit / Loss
Percentage of spent invested wealth (USD) or spent supply (BTC) with cost basis below/above spot price at time of spending.
Profit % = Σ W_spent(P) for P ≤ Spot / Σ W_spent(P) × 100
Newly Mined Coins
When enabled, overlays the day's newly mined Bitcoin (block rewards) on the histogram at the spot price bin. Derived from total supply change: mined = total_supply(day) - total_supply(day-1). Represents new production entering the market.
Mined(day) = Total_Supply(day) - Total_Supply(day-1)
Rolling Window
Aggregates spent output flow over N days instead of a single day. A 7D window shows all supply that moved from each cost-basis bin over the past week. Larger windows smooth daily noise and reveal structural capital flows.
SOPD_N(day, P) = URPD(day-N, P) - URPD(day, P)