This chart shows the 90-day change in Vaulted Supply, decomposed into the Issuance component 🟢 and Transaction component 🔴, compared to the sum total 🟣. Changes to Vaulted Supply are influenced by two factors:
Transactions which change the Active-to-Vaulted cointime balance of the existing supply between blockheights N and N-1. This is regulated by Liveliness Incremental Change.
New issuance which is sorted into Active and Vaulted Supply corresponding to the newly adjusted liveliness at blockheight N. This is regulated by Liveliness.
Vaulted Supply growth dominates when the volume of cointime creation exceeds cointime destruction (positive coinblock storage). This is typically observed during periods of reduced market interest, volume, and general activity. Such structure is more commonplace in bear markets and early phase bull markets, as long-term investors accumulate and coins migrate into cold storage.
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).