UTXOs

Contents

• UTXO Mean Age (Days)

• UTXO Median Age (Days)

• UTXO Val-Weighted Mean Age (Days)

• UTXO Cnt

• UTXO Age-Weighted Value (native units)

UTXO Mean Age (Days)

Definition

The simple average age in full days of all unspent transaction outputs. \

Name	MetricID	Unit	Interval
UTXO Mean Age (Days)	UTXOAgeMean	Days	1 day

Release History

• Release Version: NDP-EOD 4.8 (Nov, 2020)

Interpretation

This metric calculates the average number of days an asset (e.g, BTC) is held between transactions. Note that it may be less robust to outliers than median and could be skewed by older addresses.

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

UTXO Median Age (Days)

Definition

The median age in full days of all unspent transaction outputs, rounded down to the nearest day.

Name	MetricID	Unit	Interval
UTXO Median Age (Days)	UTXOAgeMed	Days	1 day

Release History

• Release Version: NDP-EOD 4.8 (Nov, 2020)

Interpretation

This metric calculates the median number of days an asset (e.g, BTC) is held between transactions.

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

UTXO Val-Weighted Mean Age (Days)

Definition

The value-weighted average age in full days of all unspent transaction outputs.

Dictionary

Name	MetricID	Unit	Interval
UTXO Val-Weighted Mean Age (Days)	UTXOAgeValMean	Days	1 day

Release History

• Release Version: NDP-EOD 4.8 (Nov, 2020)

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

UTXO Cnt

Definitions

The sum count of unspent transaction outputs that interval.

Name	MetricID	Unit	Interval
UTXO Cnt	UTXOCnt	UTXO	1 day

Details

• Unspent Transaction Outputs (UTXOs) are cryptoasset balances that have been received by the output addresses listed in a transaction. As transactions are comprised of senders (input addresses) and receivers (output addresses), only the owner of output addresses can spend them after the transaction confirms. Said differently, UTXOs are balances received that have not yet been spent by their owners. Collectively, the UTXO set constitutes the current ownership state of a cryptonetwork. Bitcoin is the first and most predominant network that uses this structure, but there are several other UTXO-based chains.

Asset-Specific Details

• For BTC and derivatives asset, it doesn’t include OP_RETURN outputs as they are provably unspendable.

Release History

• Released in the 4.0 release of NDP

Interpretation

This metric gives a proxy for an asset’s ownership fragmentation. If there’s not a lot of unspent outputs, then there cannot be a lot of onchain owners. More broadly, the UTXO set count is an upper bound estimate on the number of people owning funds on-chain.

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

UTXO Age-Weighted Value (native units)

Definition

The sum product of age in full days and value in native units of all unspent transaction outputs.

Name	MetricID	Unit	Interval
UTXO Age-Weighted Value (native units)	UTXODay	Dimensionless	1 day

Release History

• Release Version: NDP-EOD 4.8 (Nov, 2020)

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

API Endpoints

UTXO metrics can be accessed using these endpoints:

• timeseries/asset-metrics

and by passing in the metric ID's UTXO* in the metrics parameter.

Asset metrics

Returns requested metrics for specified assets. Results for block by block metrics (1b frequency) are ordered by tuple (asset, height, block_hash), all other metrics are ordered by tuple (asset, time). You can change the sorting using sort query parameter. Supported output formats are json (default) and csv, use format query parameter to override it. To fetch the next page of results use next_page_url JSON response field or x-next-page-url CSV HTTP header if present. If multiple metrics are requested in the same time the strict policy for partially available metrics among requested ones is applied:

GEThttps://api.coinmetrics.io/v4/timeseries/asset-metrics

Authorization

api_key

Query parameters

Response

200400401403414

Time series of metrics for an asset.

Body

application/jsontext/csv

data*any

next_page_tokenNextPageToken (string)

Token of the next page results for a given request.

next_page_urlNextPageUrl (string)

URL of the next page results for a given request.

Response

200400401403

{
  "next_page_token": "text",
  "next_page_url": "text"
}

Shell

curl --compressed "https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=UTXOAgeMean&assets=btc&pretty=true&api_key=<your_key>"

Python

import requests
response = requests.get('https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=UTXOAgeMean&assets=btc&pretty=true&api_key=<your_key>').json()
print(response)

Python Client

from coinmetrics.api_client import CoinMetricsClient

api_key = "<API_KEY>"
client = CoinMetricsClient(api_key)

print(
    client.get_asset_metrics(
        metrics="UTXOAgeMean", 
        assets="btc",
    ).to_dataframe()
)