Definition. Cointime Price is the foundational pricing model of the Cointime Economics framework: a cost basis that weights every realization event by the cointime it destroys, then spreads the result across the cointime still stored in the network. It is simultaneously a time-weighted and a volume-weighted average realized price, 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 spot price.

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:

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

Coinblocks Created and Coinblocks Destroyed are taken at daily resolution and carried as hidden inputs. The series is plotted from September 2010 onwards, excluding a degenerate early history in which the cumulative denominator is too small to be meaningful.

Interpretation. Cointime Price is the Cointime Economics analogue of the UTXO-derived Realized Price. Because each realization event is weighted by the cointime destroyed, dormant and lost coins are discounted far more aggressively than under a simple UTXO accounting, anchoring the cost basis to the economically meaningful portion of the network. Spot price interacting with this level has historically framed macro accumulation and distribution ranges.

Notes. Built from Coinblocks Created and Coinblocks Destroyed. The capitalisation analogue is Cointime Cap. 🕰️ 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).