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BTC - UTXO Count
Description
The Bitcoin UTXO Size shows the number of unspent transaction outputs (UTXOs) in the ledger at a given time.
Bitcoin's USD Market Price is included for reference.
Pseudocode
for each block in blockchain:
(x,y) := (block.time, block.utxo_size)
for each hour in blockchain:
hr_blk_size := avg(blockchain[hr_start:hr_end].utxo_size)
(x,y) := (hour, hr_blk_size)
for each day in blockchain:
day_blk_size := avg(blockchain[day_start:day_end].utxo_size)
(x,y) := (day, day_blk_size)
Technical Info
While UTXO count generally increases over time, its decreases often have significance. Sometimes, however, it is likely entity asset consolidation.
Derivative metrics are often more directly useful for analysis, since large entities can create and destroy many TXOs doing regular business. Looking at other metrics utilizing the value of the transactions is often more meaningful for discerning technical patterns.
- 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 average for this metric.
- Hourly data contains occasional gaps; no blocks were generated during these times.
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