Definition. This chart shows the daily flow and stock of Bitcoin's UTXO set: the number of UTXOs created 🟢 and spent 🔴 each day, together with the total number of UTXOs in existence 🔵, alongside price (black).

Technical. Every Bitcoin transaction consumes existing UTXOs as inputs (spent) and produces new UTXOs as outputs (created). The net change in the total UTXO set each day is therefore:

• Net UTXO Change = UTXOs Created - UTXOs Spent

The total trace is the running size of the full UTXO set.

Interpretation. UTXO creation and spending rates form a high-resolution measure of on-chain throughput that is independent of coin value: each series counts discrete outputs rather than volume. When creation persistently exceeds spending, the UTXO set expands — behavior typical of growing usage, distribution of coins to more outputs, and periods of heavy on-chain activity such as inscription waves. When spending dominates, the set contracts, which is generally associated with consolidation regimes: wallets and exchanges sweeping many small outputs into fewer large ones, often during low-fee periods. Sharp spikes in both series together mark high-turnover episodes, while the slope of the total UTXO count summarizes the prevailing structural trend of the ledger.

Notes. Built from UTXOs Created, UTXOs Spent and Total UTXOs. The net growth view is charted in UTXO Set Growth, and per-transaction structure in UTXOs Created or Spent per Transaction. See our guide on Academy to better understand UTXOs.