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BTC - Percent Supply in Profit, Entity-Adjusted

Description

The Bitcoin Percent Supply in Profit, Entity-Adjusted shows the percentage of the Supply with unrealized profits using a cost basis for each coin based on BTC's market price when it last moved between entities.

The Bitcoin Percentage Supply in Profit, Unadjusted shows the percentage of the Supply with unrealized profits using a cost basis for each coin based on BTC's market price when it last moved in any way.

How much profit each UTXO has is not considered in this metric.

Bitcoin's USD Market Price is included for reference.

Pseudocode

Bitcoin UTXO % Supply In Profit, Unadjusted:

for each block in blockchain:
  block.price := btc_usd_price(block.time)
  block.total_supply := sum(ledger.utxo[].btc)
  block.supply_in_profit := sum(ledger.utxo[utxo.basis_price < block.price].btc)
  block.percent_supply_in_profit := (block.supply_in_profit / block.total_supply) * 100
  (x,y1) := (block.time, block.supply_in_profit)

for each hour in blockchain:
hr_profit_perc := first(blockchain[hr_start:hr_end].percent_supply_in_profit)
(x,y1) := (hour, hr_profit_perc)

for each day in blockchain:
day_profit_perc := first(blockchain[day_start:day_end].percent_supply_in_profit)
(x,y1) := (day, day_profit_perc)

Bitcoin UTXO % Supply In Profit, Entity-Adjusted:

for each block in blockchain:
  block.price := btc_usd_price(block.time)
  block.total_supply := sum(ledger.utxo[].btc)
  block.supply_in_profit := sum(ledger.utxo[utxo.basis_price_eadj < block.price].btc)
  block.percent_supply_in_profit := (block.supply_in_profit / block.total_supply) * 100
  (x,y2) := (block.time, block.supply_in_profit)

for each hour in blockchain:
hr_profit_perc := first(blockchain[hr_start:hr_end].percent_supply_in_profit)
(x,y2) := (hour, hr_profit_perc)

for each day in blockchain:
day_profit_perc := first(blockchain[day_start:day_end].percent_supply_in_profit)
(x,y2) := (day, day_profit_perc)

Technical Info

This metric is calculated by tracking each UTXO's cost basis. Over time, each UTXO will be either in profit or loss depending on market price. The entity adjustment for this metric is done by updating each UTXO's cost basis only when it moves between entities. However, since UTXOs are not preserved when they are spent, the new cost basis for each new intra-entity transaction output is calculated using a proprietary algorithm. Generally, each output's cost basis is calculated to make the total market valuation equal before and after the transaction. Fees are valued at market price and reduce the new valuation.

The percentage of supply in profit oscillates from the 40%-50% range up to 100%. During all-time high price discovery, all coins are in profit.

Our entity tracking uses a proprietary algorithm, the foundation of which groups transaction input addresses. We currently track over 99 600 000 entities, spanning over 795 000 000 addresses. The largest entity has approximately 37 480 000 addresses, and the average has 7.98.

Total supply includes lost and burned coins.
OP_RETURN (Null Data) TXOs are designed to be excluded from the ledger, and are omitted from this metric.
Hourly and daily aggregations are derived from block data using open for this metric. Open grouping uses the first data after a given time to represent that time.
Hourly data contains occasional gaps; no blocks were generated during these times.

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Disclaimers

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