Definition. This chart presents the pair of Cointime Economics primitives that describe the relative degree of influence that Miners (Producers) and Investors have on the network: 🟣 Investorness and 🟡 Producerness.

Technical. Both primitives are normalized by the Realized Cap:

• Investorness = Investor Capitalization / Realized Cap (🟣)
• Producerness = Thermocap / Realized Cap (🟡)

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. Investorness 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 Bitcoin's Realized Cap. Producerness has tended to decrease over the network's lifetime, influenced by both declining issuance via halvings, as well as market boom-and-bust cycles. Read together, the crossing trajectories of the two primitives chart Bitcoin's structural maturation from a miner-dominated production economy toward an investor-dominated market economy.

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 and Realized Cap. The epoch framing of these primitives, alongside Liveliness and Vaultedness, is charted in Cointime Economics Epochs.