Definition. UTXOs are the fundamental accounting system and building block of the Bitcoin protocol. The term UTXO is an abbreviation of Unspent Transaction Output. Each UTXO can be thought of as a 'container' holding units of BTC, which are assigned to an address, and controlled by the owner's private key. This chart presents both the total number of UTXOs in the set (orange line), as well as the 7D-EMA of the daily change, split into positive 🟢 and negative 🔴 columns, alongside price (black).

Technical. The growth trace is a smoothed first difference of the total UTXO count, split by sign for display:

• UTXO Set Growth = ema(diff(Total UTXOs, 1), 7)
• Positive values render as green columns, values at or below zero as red columns.

Interpretation.

• Positive Values 🟢 indicate a net increase in the number of UTXOs in the set, and an expansion in network usage.

• Negative Values 🔴 indicate a net decrease in the number of UTXOs in the set, and a contraction in network usage.

Expansion phases typically accompany rising adoption, coin distribution to more holders, and demand-heavy episodes (including inscription-driven activity), while contraction phases usually reflect consolidation — wallets and exchanges sweeping many small outputs into fewer large ones, most economical during low-fee regimes. Because consolidation is fee-sensitive, sustained contractions can say more about housekeeping incentives than about declining user demand, so this chart is best read alongside address- and transaction-based activity measures.

💡 Hint: See our guide on Academy to better understand UTXOs

Notes. Built from Total UTXOs. The gross creation and spending flows behind this net change are charted in UTXOs Created, Spent and Total.