Definition. Over time, the adoption of transaction technology, new wallet management techniques, and on-chain behavior evolves and changes. This chart presents the average number of UTXOs spent (inputs, 🔴) and created (outputs, 🟢) per transaction, alongside price (black).

Technical. Both traces normalize daily UTXO flows by the daily transaction count:

• UTXOs Spent per Transaction = UTXOs Spent / Transaction Count 🔴
• UTXOs Created per Transaction = UTXOs Created / Transaction Count 🟢

Interpretation.

• 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).

• 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).

The two series also separate distinct behaviors: elevated outputs-per-transaction is characteristic of batching by exchanges and payment processors (one transaction paying many recipients, expanding the UTXO set), while elevated inputs-per-transaction marks consolidation regimes, where many small outputs are swept into few — typically during low-fee periods. Divergence between the two therefore indicates whether the dominant activity is distributing coins outward or gathering them together, complementing the net view in the UTXO set growth chart.

Notes. Built from UTXOs Created, UTXOs Spent and Transaction Count. See also UTXO Set Growth and UTXOs Created, Spent and Total.