Definition. This chart shows the Cointime Cap (orange), also known as the Blummer Cap — the network valuation model derived from the Cointime Price — alongside the classic 🟣 Realized Cap and the Market Cap (grey). Cointime Cap reflects the aggregate cointime-weighted realized value stored within the network. It is both a network time-weighted and volume-weighted capitalization model, and can be considered the relative balance between the willingness of the market to spend time and value against the willingness of asset holders to keep owned coins and value inactive.

Technical. These valuation models are based on the notion that all coinblock destruction reflects an economic decision, indicating that the spent coins are active, non-lost, and thus participating in the global Bitcoin economy. The network total coinblock-value destroyed is distributed across the remaining cointime volume stored in the system, netting the Cointime Price, from which the capitalization follows:

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

In this workbench the Cointime Price is computed as cumulative dollarblocks destroyed over cumulative coinblocks stored, then scaled by Circulating Supply.

Interpretation. Cointime Cap may be considered the Cointime Economics analogue of the UTXO-derived Realized Cap. In effect, it represents a lower-bound valuation model for Bitcoin which accounts for: the value held by higher-conviction investors that own long-dormant vaulted supply, and the degree of value realization within the economically active supply. Comparing Cointime Cap against Realized Cap and Market Cap shows how much of the network's book value is carried by dormant coins versus actively repriced ones — a gap that widens as supply vaults and compresses when old coins re-enter circulation.

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 Coinblocks Created, Coinblocks Destroyed and Realized Cap. The per-coin analogue is the Cointime Price (Blummer Price).