Spending Rainbow

The cost-basis rainbow describes the standing supply. This chart describes the flow: every day, some coins move, and each of those coins has an acquisition price. Collect the acquisition prices of just the coins spent that day and you get a distribution, and this chart plots that spending distribution over time as 19 quantile bands.

Read it against the price line. When the lower bands sit far below spot, the coins being sold were acquired cheaply and long ago: long-term holders distributing into strength. When the bands crowd up against spot, recent buyers are the ones selling, which is what short-term capitulation looks like. The spread between the bands tells you whether a single tight cohort or a broad cross-section of the market did the selling.

Weighting and scope let you refine the view: value-weighting makes the bands hug price the way nym21's charts do, and the STH/LTH scope isolates spends by short-term versus long-term holders. The quantiles are exact order statistics read from the live spend histogram, precise to about a dollar at spot.

Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.