This 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).

This chart displays the following traces:

• 🔴 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).

• 🟢 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.

Note: These metrics reflect the total, raw, and unfiltered transaction volume settled by the Bitcoin blockchain.