Definition. This chart presents the Cointime Economics primitives describing the relative degree of influence that Miners (Producers) and Investors have on the network — 🟣 Investorness and 🟡 Producerness — together with 🔴 Liveliness and 🟢 Vaultedness, and shades the resulting Cointime Economics Epochs on the price chart. It can be seen that both pairs — Liveliness and Investorness, and Vaultedness and Producerness — appear to be proportional to each other; we call this the AVIV Relationship.

Technical. The primitives are computed as:

• Investorness = Investor Capitalization / Realized Cap (🟣)
• Producerness = Thermocap / Realized Cap (🟡)
• Liveliness (🔴) and Vaultedness = 1 - Liveliness (🟢)

The shaded regimes mark the epochs as implemented here: the Discovery Epoch (green shading) spans early 2009 to 23 March 2017, and the Equilibrium Epoch (red shading) runs from that date onwards, with the initial genesis period preceding 11 January 2009.

Interpretation. Investorness denotes the relative contribution of transactions and trade by coin holders and investors (as well as investor-dependent entities like exchanges) to the valuation of Bitcoin's Realized Cap; it has tended to increase over Bitcoin's lifetime, denoting a growing influence of this cohort over time. Producerness denotes the relative contribution of miner production costs to the valuation of the Realized Cap; it has tended to decrease over the network's lifetime, influenced by both declining issuance via halvings and market boom-and-bust cycles. The epoch shading frames these secular transitions: the network's early production-dominated era gives way to an investor-dominated equilibrium as the two primitive pairs converge along the AVIV Relationship.

Notes. This chart was developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest. Full details are available in two formats: an overview primer (Version I, published via ARK) and a comprehensive guide for specialists (Version II, published via Glassnode). Built from Investor Capitalization, Thermocap, Realized Cap and Liveliness. A focused view of the two primitives is Investorness and Producerness; Liveliness and Vaultedness are charted in Liveliness and Vaultedness.