This metric presents the three supply regions defined within the the Cointime Economics framework:

• 🟣 Circulating Supply represents the total BTC supply issued to miners, which asymptotically approaches the defined cap of 21M.

• 🔴 Active Supply describes an equivalent sum of Bitcoin which has experienced a complete expenditure of all its accumulated cointime. Active Supply can be considered to be the economically meaningful coin volume which is actively participating in the Bitcoin economy.

• 🟢 Vaulted Supply describes an equivalent sum of Bitcoin which has never been spent and represents the unspent coin volume required to generate the cumulative sum of coinblocks stored within the network. Vaulted Supply may be considered as the equivalent coin volume which is completely dormant and is not actively participating in the Bitcoin economy. Vaulted Supply was first introduced by Adamant Capital as HODLed and Lost coins.

Coined By

This metric was developed within the Cointime Economics framework for Bitcoin. This project was 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).