Definition. Cointime Cap is the network valuation model derived from the Cointime Price: the aggregate cointime-weighted realized value stored in the network. It is simultaneously a time-weighted and a volume-weighted capitalisation model, and can be read as the balance between the market's willingness to spend time and value and asset holders' willingness to keep coins inactive. The chart plots the model against Market Cap.

Technical. The model rests on the premise that all coinblock destruction reflects an economic decision, marking the spent coins as active, non-lost and participating in the Bitcoin economy. The network's total coinblock value destroyed is distributed across the cointime volume still stored, giving the Cointime Price, from which the capitalisation follows:

• Coinblocks Stored = Coinblocks Created - Coinblocks Destroyed
• Cointime Price = cumsum(Price x Coinblocks Destroyed) / cumsum(Coinblocks Stored)
• Cointime Cap = Cointime Price x Circulating Supply

Coinblocks Created, Coinblocks Destroyed, spot price and Circulating Supply are carried as hidden inputs. Both series are plotted on a logarithmic axis, so that the full capitalisation history stays legible rather than being compressed into the most recent cycles.

Interpretation. Cointime Cap is the Cointime Economics analogue of the UTXO-derived Realized Cap. It represents a lower-bound valuation for Bitcoin that accounts for both the value held by higher-conviction investors owning long-dormant vaulted supply and the degree of value realization within the economically active supply. The gap it opens against Market Cap widens as supply vaults and compresses when old coins re-enter circulation.

Notes. Built from Coinblocks Created, Coinblocks Destroyed and Circulating Supply. The per-coin analogue is Cointime Price. 🕰️ In honour of the late Tamás Blummer, whose original work on Liveliness and HODLed and Lost Coins is the bedrock inspiration for the Cointime Economics paper, this model carries the colloquial name of the Blummer Price, and its capitalisation analogue that of the Blummer Cap. Developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest, with full details available in two formats: an overview primer (Version I published via ARK) and a comprehensive guide for specialists (Version II published via Glassnode).