Definition. This chart shows the Cointime Price (orange), also known as the Blummer Price — the most foundational pricing model derived from the Cointime Economics framework — alongside the classic 🟣 Realized Price and the spot price (grey). Cointime Price reflects the aggregate cointime-weighted realized valuation, distributed over the remaining unspent coinblocks stored within the network. It is both a network time-weighted and volume-weighted average realized price, 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:

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

where Coinblocks Stored = Coinblocks Created - Coinblocks Destroyed. The series is plotted from September 2010 onwards to exclude degenerate early history.

Interpretation. Cointime Price is the Cointime Economics analogue of the UTXO-derived Realized Price. Because it weights each realization event by the cointime destroyed, it discounts lost and long-dormant coins more aggressively than the Realized Price, producing a cost basis anchored to the economically meaningful portion of the network. Comparing the two traces shows how the on-chain cost basis shifts when dormancy is priced in; spot price interacting with these levels has historically framed macro accumulation and distribution ranges.

Notes. 🕰️ 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, we dedicate the Cointime Price to his memory, offering it the colloquial name of the Blummer Price. 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 Price. The capitalization analogue is the Cointime Cap (Blummer Cap).