{"uuid":"c9d87907-5731-451f-7859-64d7bf955e13","categoryUuid":"752fce11-1913-47e4-5707-91c0b669f02b","data":{"meta":{"name":"BTC: The UTXO Set"},"configs":[{"meta":{"refUuid":"55872440-322a-49c4-7022-499d546b2f98"},"uuid":"f5890c04-5afc-49d6-8ff5-018241facb30","configType":"workbench"},{"meta":{"refUuid":"17e5e372-7143-4966-591d-2f578844be4c"},"uuid":"2f10ab61-ceab-4b02-bf7f-5c28eb449a90","configType":"workbench"},{"meta":{"refUuid":"0385b91a-2e1a-4890-78fb-3cb19b49bb7e"},"uuid":"5b78fde5-718e-4064-bd0d-9173f540d58a","configType":"workbench"},{"meta":{"refUuid":"e0438f9e-9a39-4ff8-758d-17649af130d3"},"uuid":"e7b7ba4e-5985-4dd3-9fd4-437b7baa61ca","configType":"workbench"},{"meta":{"refUuid":"6df238d5-b09c-4b81-5044-cee6cd278327"},"uuid":"14af2c39-5360-4f78-9c05-df49601192ab","extra":{"zoom":"2y"},"configType":"workbench"},{"meta":{"refUuid":"e0912f67-396d-49de-693c-fbe295924422"},"uuid":"fcf5dbb0-3275-4771-b4d6-3834c3bab4ce","configType":"workbench"},{"meta":{"refUuid":"e582e496-6b20-47bf-7a21-616816a3a38d"},"uuid":"b3487673-4d98-4deb-ad7e-a4e0a1635fb4","configType":"workbench"},{"meta":{"refUuid":"b3406f6d-4207-4433-7c06-38be1c829a74"},"uuid":"101c11ca-b01e-4db6-ace2-b8b9f3c699df","configType":"workbench"},{"meta":{"refUuid":"18b9cb5c-dc00-47e5-6702-8adbbfe3cf91"},"uuid":"f237eaaf-0155-4a7d-b467-8edf4cc70036","configType":"workbench"},{"meta":{"content":"# The Bitcoin UTXO Set 🟠 🪙\n\n---\n\n\nUTXOs are the fundamental accounting system and building block of the Bitcoin protocol. The term UTXO is an abbreviation of **Unspent Transaction Output**.\n\nEach UTXO can be thought of as a 'container' holding units of BTC, which are assigned to an address, and controlled by the owners private key.\n\nThe following suite of metrics explore the status of the Bitcoin UTXO set, using raw, unfiltered data obtained from the blockchain:\n\n- **🪙 Growth of the UTXO set**\n- **💸 Daily Value Settled**\n- **💰 Cumulative Value Settled**\n- **📉📈 UTXOs in Profit/Loss**\n\n**Note:** *All metrics on this dashboard are raw and unfiltered data, meaning they consider all transaction volume, and will double count (or more) volumes associated with the same coin that is spent several times in a day.*\n\n\u003e **💡 Hint:** [See our guide on Academy to better understand UTXOs](https://academy.glassnode.com/concepts/understanding-utxos-the-gold-coin-analogy)"},"uuid":"ebce4310-3d7b-4b07-85d4-b9f237940cfe","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### UTXO Cumulative USD Value Settled\n\n---\n\nThis chart presents the daily and cumulative USD value settled in all UTXOs spent on-chain.\n\nThis chart displays the following traces:\n\n- 🟣 **Daily USD Value Settled**\n- 🔴 **Daily USD Value Settled 7D-EMA**\n- 🟢 **Cumulative all-time USD value settled**\n\n\u003e Note: Daily volumes are shown on log scale, whilst cumulative volume is shown on linear scale."},"uuid":"6f6d4199-3314-4d19-9ba7-196e22c67f82","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### UTXO Cumulative BTC Value Settled\n\n---\n\nThis chart presents the daily and cumulative BTC value settled in all UTXOs spent on-chain.\n\nThis chart displays the following traces:\n\n- 🔵 **Daily BTC Value Settled**\n- 🔴 **Daily BTC Value Settled 7D-EMA**\n- 🟢 **Circulating Supply** for comparison with Daily BTC Value Settled.\n- 🟠 **Cumulative all-time BTC value settled**\n"},"uuid":"7aadef1f-85b7-497e-872f-169e582c0482","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Percent UTXOs in Profit/Loss\n\n---\n\nThis chart presents the percentage of total UTXOs which are in Profit/Loss. A UTXO is considered to be in profit if the spot price is above the pricestamp assigned at the time of its creation, and vice-versa.\n\n- 🔵 **Percentage of UTXOs in Profit**\n- 🔴 **Percentage of UTXOs in Loss**\n\n---\n\n### Percent UTXOs in Profit 1yr Z-Score\n\nAlso shown in 🟠 are periods where the 1-yr rolling Z-Score of UTXOs in Profit is positive. This indicates that an above average count of UTXOs are in profit, which is historically associated with positive market momentum."},"uuid":"ebe91588-89e7-4559-8f88-4c63e96446ce","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### UTXO Percent of Circulating Supply Settled\n\n---\n\nThis chart presents the daily value settled in all UTXOs spent on-chain as a proportion of Circulating Supply. Elevated transaction turnover is often synonymous with periods of elevated on-chain activity, and market momentum (and vice-versa).\n\nThis chart displays the following traces:\n\n- 🔴 **Daily Value Settled as a Proportion of Circulating Supply (%)**. This value will include coins that are spent several times on the same day (i.e. double counting of volume).\n\n- 🟢 **Proportion of all-time BTC Value Settled**, calculated as the rolling cumulative sum of all BTC value transferred, divided by total all-time BTC value transferred to date."},"uuid":"2019f2d3-34c8-49ad-ba74-839a06574bf2","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### UTXO Mean and Median Value Settled [USD]\n\n---\n\nThis chart presents the Mean and Median UTXO value spent each day. Bitcoin transaction data has historically displayed positive skewness, such that smaller value transactions are significantly more frequent than larger size transactions (Median \u003c Mean).\n\nAs such, changes in the **Median value** 🔵 can be used to monitor smaller sized entities, whilst **Mean value** 🔴 can monitor larger entities.\n\nThe Median-to-Mean Ratio ⚫ then provides a view into the relative trend and momentum of smaller and larger entities transacting on-chain.\n\n\u003e For more information, see our analysis associated with [this Workbench Construction](https://studio.glassnode.com/workbench/btc-small-large-entities)."},"uuid":"81a40a7b-603f-4721-a1b5-e1a00e758b47","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### UTXO Set Growth\n\n---\n\nThis metric presents both the total number of UTXOs in the set 🔵, as well as the 7D-EMA of the daily change.\n\n- **Positive Values 🟢** indicate a net increase in the number of UTXOs in the set, and an expansion in network usage.\n\n- **Negative Values 🔴** indicate a net decrease in the number of UTXOs in the set, and a contraction in network usage."},"uuid":"dc7b0ce0-ef52-4641-8b6a-1260be4bb073","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### UTXOs Created or Spent per Transaction\n\n---\n\nOver time, the adoption of transaction technology, new wallet management techniques, and on-chain behavior evolves and changes. This metric presents the average number of UTXOs spent (inputs, 🔴) and created (outputs, 🟢) per transaction.\n\n- **Higher Values ↗️** indicate a larger average number of UTXOs are created, or spent per transaction, suggesting an increase in transaction complexity (e.g. transaction batching).\n\n- **Lower Values ↘️** indicate a smaller average number of UTXOs are created, or spent per transaction, suggesting a decrease in transaction complexity (e.g. one input, two outputs)."},"uuid":"7719a5fa-6fbb-4bff-b772-07a932284512","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### UTXOs in Profit/Loss\n\n---\n\nThis chart presents the total count of UTXOs in Profit/Loss. A UTXO is considered to be in profit if the spot price is above the pricestamp assigned at the time of its creation, and vice-versa.\n\n- 🟣 **Total UTXOs in the set**\n- 🟢 **Total UTXOs in Profit**\n- 🔴 **Total UTXOs in Loss**"},"uuid":"8967a15c-78a5-422a-8671-dc5a7ab745cd","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"### Disclaimer\n\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"0135c127-f9df-441f-9a35-db8b40c1dfc3","extra":{"backgroundColor":"#ffffff"},"configType":"content"}],"layouts":[{"h":8,"i":"f5890c04-5afc-49d6-8ff5-018241facb30","w":9,"x":3,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"2f10ab61-ceab-4b02-bf7f-5c28eb449a90","w":9,"x":3,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"5b78fde5-718e-4064-bd0d-9173f540d58a","w":9,"x":3,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"e7b7ba4e-5985-4dd3-9fd4-437b7baa61ca","w":9,"x":3,"y":48,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"14af2c39-5360-4f78-9c05-df49601192ab","w":8,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"fcf5dbb0-3275-4771-b4d6-3834c3bab4ce","w":9,"x":3,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"b3487673-4d98-4deb-ad7e-a4e0a1635fb4","w":9,"x":3,"y":56,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"101c11ca-b01e-4db6-ace2-b8b9f3c699df","w":9,"x":3,"y":64,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f237eaaf-0155-4a7d-b467-8edf4cc70036","w":9,"x":3,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"ebce4310-3d7b-4b07-85d4-b9f237940cfe","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"6f6d4199-3314-4d19-9ba7-196e22c67f82","w":3,"x":0,"y":32,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"7aadef1f-85b7-497e-872f-169e582c0482","w":3,"x":0,"y":16,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"ebe91588-89e7-4559-8f88-4c63e96446ce","w":3,"x":0,"y":64,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"2019f2d3-34c8-49ad-ba74-839a06574bf2","w":3,"x":0,"y":24,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"81a40a7b-603f-4721-a1b5-e1a00e758b47","w":3,"x":0,"y":40,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"dc7b0ce0-ef52-4641-8b6a-1260be4bb073","w":3,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"7719a5fa-6fbb-4bff-b772-07a932284512","w":3,"x":0,"y":48,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"8967a15c-78a5-422a-8671-dc5a7ab745cd","w":3,"x":0,"y":56,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"0135c127-f9df-441f-9a35-db8b40c1dfc3","w":12,"x":0,"y":72,"minH":1,"minW":3,"moved":false,"static":false}]}}