Supply Metrics

Supply metrics track the distribution, movement, and aging of Bitcoin's circulating supply. They reveal accumulation and distribution patterns across different holder cohorts, helping identify shifts in market structure before they appear in price.

#API Example

curl -H "x-api-key: YOUR_API_KEY" \
  "https://chartinspect.com/api/v1/onchain/{metric_id}?chain=bitcoin&days=365"

Replace {metric_id} with any metric ID listed below.

#HODL Waves

Metric ID: hodl-waves

HODL Waves visualize the age distribution of the entire UTXO set as stacked colored bands. Each band represents the percentage of supply that has not moved within a specific time window (e.g., 1 day, 1 week, 1 month, 1 year, 5 years).

Interpretation: Expanding older age bands indicate accumulation, as more coins are being held for longer periods. Expanding younger age bands signal distribution, as old coins are being spent and new UTXOs are being created. Major shifts in the wave structure often precede trend reversals.

#Accumulation Waves

Metric ID: accumulation-waves

Accumulation Waves weight the HODL Waves by realized capitalization rather than raw coin count. This gives more economic significance to each age band.

Interpretation: Realized-cap-weighted waves emphasize the economic impact of holder behavior. When older age bands grow in realized cap terms, it confirms that high-value coins are maturing, strengthening the accumulation signal. Shrinking older bands weighted by realized cap indicate meaningful capital is being distributed.

#STH/LTH Supply Ratio

Metric ID: sth-lth

The ratio of supply held by short-term holders (coins moved within the last 155 days) to supply held by long-term holders (coins unmoved for 155+ days).

Interpretation: A rising ratio indicates increasing short-term speculation, as coins flow from long-term holders to newer participants. This typically occurs during late-stage bull markets. A falling ratio reflects accumulation, with supply migrating into long-term holder hands, characteristic of bear market bottoms and early bull phases.

#Supply in Profit/Loss

Metric ID: profit-loss

The percentage of circulating supply currently held at a price above (in profit) or below (at a loss) the current spot price. Each coin is valued at the price it last moved on-chain.

Interpretation: When over 95% of supply is in profit, the market is likely overheated. When more than 50% of supply is at a loss, the market is in deep capitulation. Transitions between profit and loss dominance often mark major cycle turning points.

#Active Supply Skew

Metric ID: active-supply-skew

Active Supply Skew measures the ratio of recently active supply (coins moved within a defined window) to total circulating supply. It captures how much of the supply is participating in current economic activity.

Interpretation: High skew values indicate broad participation and elevated velocity, often seen during distribution phases and market tops. Low skew values mean most supply is dormant, consistent with accumulation and low-volatility regimes.

#Balance Distribution

Metric ID: balance-distribution

Supply grouped by wallet balance size, segmented into cohorts: shrimp (<1 BTC), crab (1-10 BTC), fish (10-100 BTC), shark (100-1,000 BTC), and whale (1,000+ BTC).

Interpretation: Increasing whale and shark holdings during price weakness suggest smart money accumulation. Growing shrimp and crab balances during rallies indicate retail inflows. Divergences between cohort behavior and price often foreshadow trend changes.

#Balance Distribution Flows

Metric ID: balance-distribution-flows

Net flow changes in supply held by each wallet size cohort over a selected time window. This captures whether each group is accumulating or distributing.

Interpretation: Positive flows for large cohorts (sharks, whales) while price is flat or declining signals accumulation. Negative flows from large cohorts during rallies suggest distribution. Comparing flows across cohorts reveals the conviction level of different participant groups.

#Holder Realized Prices

Metric ID: holder-realized-prices

The average cost basis for different holder cohorts, specifically short-term holders (STH) and long-term holders (LTH). Each cohort's realized price is the volume-weighted average acquisition price of their supply.

Interpretation: STH realized price acts as a key support/resistance level during trends. LTH realized price serves as a deep value floor. When spot price crosses below STH realized price, short-term holders are underwater and selling pressure often intensifies. Price trading above both levels confirms a healthy uptrend.

#Circulating Supply

Metric ID: circulating-supply

The total number of Bitcoin that have been mined and are part of the circulating supply. This increases with each new block and follows a predictable issuance schedule defined by the halving cycle.

Interpretation: Circulating supply provides the denominator for many per-coin metrics. The diminishing rate of new issuance (post-halving) creates supply scarcity. Tracking circulating supply alongside demand-side metrics contextualizes valuation changes.

#Liveliness

Metric ID: liveliness

Liveliness is the ratio of cumulative coin-days destroyed to cumulative coin-days created. It measures the aggregate tendency of coins to be spent versus held over the entire network history.

Interpretation: Rising liveliness indicates that coins are being spent faster than new coin-days are being accumulated, signaling net spending and distribution. Falling liveliness means the network is trending toward HODLing, with more coin-days being accumulated than destroyed.

#Vaultedness

Metric ID: vaultedness

Vaultedness is the complement of liveliness (1 minus liveliness). It directly measures the degree to which coins are being stored rather than transacted.

Interpretation: Rising vaultedness signals increasing long-term storage and confidence among holders. Falling vaultedness indicates coins are leaving cold storage and entering active circulation, often a precursor to increased selling pressure. Vaultedness tends to rise throughout bear markets and flatten or decline during distribution phases.