Definition. 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). It displays the following traces:

• 🔴 Daily Value Settled as a Proportion of Circulating Supply (%) (columns, with an additional 7D-EMA line). 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.

Technical. The traces are constructed from the total BTC value spent in UTXOs each day:

• Percent of Circulating Supply Spent = UTXO Value Spent / Circulating Supply x 100 🔴
• Percent of All-time Value Settled = cumsum(UTXO Value Spent) / max(cumsum(UTXO Value Spent)) x 100 🟢

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

Interpretation. The red series is effectively a velocity gauge: it measures what fraction of the entire coin supply changes hands on-chain per day. Elevated readings describe high-turnover regimes — historically associated with speculative peaks, capitulation events, and heavy exchange activity — while low readings describe dormancy, with supply sitting still in long-term storage. Because the measure is unfiltered, structural changes (batching, entity-internal shuffling) also move it, so trend shifts matter more than absolute levels. The green cumulative curve shows how total historical settlement has accrued over time: steep segments mark eras that contributed disproportionately to all-time settled value.

Notes. Built from UTXO Value Spent and Circulating Supply. Entity-adjusted settlement trends are charted in Transfer Volume Momentum (Entity-Adjusted); UTXO count dynamics in UTXOs Created, Spent and Total.