Active Supply

Contents

• Active Supply

• Active Supply Percent

Active Supply

Definition

The sum of unique native units that transacted at least once in the trailing X time to that interval. Native units that transacted more than once are only counted once.

Name	MetricID	Unit	Interval
1 Day Active Supply	SplyAct1d	Native units	1 days
7 Day Active Supply	SplyAct7d	Native units	7 days
30 Day Active Supply	SplyAct30d	Native units	30 days
90 Day Active Supply	SplyAct90d	Native units	90 days
180 Day Active Supply	SplyAct180d	Native units	180 days
1 Year Active Supply	SplyAct1Yr	Native units	1 Year
2 Year Active Supply	SplyAct2Yr	Native units	2 Years
3 Year Active Supply	SplyAct3Yr	Native units	3 Years
4 Year Active Supply	SplyAct4Yr	Native units	4 Years
5 Year Active Supply	SplyAct5Yr	Native units	5 Years
Active Supply (transacted at least once)	SplyActEver	Native units	All time

Details

• For UTXO-based protocols, active supply is considered as the outputs created during the time interval. Mining reward outputs are not considered active. If an address has an output created outside the time interval, and inside the time interval, only the latter output will be considered active.

• For account-based protocols, active supply is the sum of the balances of accounts that were either created outside of token generation events (genesis, mining, etc.) during the considered time interval, or that had at least one native units debit during it. Any type of movement suffice to mark an account as active (fees, transfers, etc.).

Asset- Specific Details

• For Ripple, escrows are considered active supply, with a last active time at the time of their creation.

• This metric is not available for assets that have full privacy, like Monero and Grin.

• For assets that have opt-in privacy features, like ZCash, we only take the non-private balances into account.

Release History

• Released in the version 4.0 of Network Data Pro

Interpretation

This metric tracks the fraction of supply active in the trailing period specified. This allows you to determine how active given tranches of a cryptocurrency are. This is a distinct and harder to forge metric than transactional value (see for instance Transactions, transfers, value, adjusted, USD), which can be increased by a few whales making copious self-sends. In active supply, one’s ability to game the metric is proportional to one’s share of supply. The worst an adversary could do would be to make their fraction of supply appear perpetually active. Active supply cohorts are a popular tool used by traders to access the market-relevant supply of an asset and to ascertain whether a given asset is being used transactionally or as a store of value. Additionally, the longer-term active supply cohorts can be used to derive an estimate of lost coins.

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

1 Year Active Supply %

Defintion

The percentage of the current supply that has been active in the trailing 1 year up to that day.

Name	MetricID	Unit	Interval
1 Year Active Supply %	SplyActPct1yr	Dimensionless	1 day

Details

• Computed as SplyAct1yr / SplyCur

• For UTXO chains, active supply is considered as the outputs created during the considered time interval. Mining reward outputs are not considered active. (If an address has an output created outside the time interval, and inside the time interval, only the latter output will be considered active).

• For account based chains, active supply is the sum of the balances of accounts that were either created outside of token generation events (genesis, mining, etc.) during the considered time interval, or that had at least one outgoing native units movement during that time period.

Chart

Source: CM Network Data Charts

Asset-Specific Details

• For Ripple, escrows are considered active supply, with a last active time at the time of their creation.

• This metric is not available for assets that have full privacy, like Monero, Grin.

• For assets that have opt-in privacy features, like ZCash, it only takes the non-private balances into account.

Release History

• Released in the 1.0 release of NDP

Interpretation

1-year active supply %​ is the percent of total supply that has been transferred on-chain within the last year. As an asset price rises, an increasing amount of dormant supply can start to become active as long-term holders sell or move their native units. ​Some view a high percentage of 1-year active supply in the trailing year as a sign that a price rally is reaching exhaustion. Conversely, when price is low for extended periods of time, 1-year active supply % has dropped historically as investors hold through crypto winters.

See Also

Availability for Assets

Coin Metrics CoverageCoin Metrics Coverage

API Endpoints

Active Supply metrics can be accessed using these endpoints:

• timeseries/asset-metrics

and by passing in the metric ID's SplyAct* 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.

Request

ShellPython

curl --compressed "https://api.coinmetrics.io/v4/timeseries/asset-metrics?assets=btc&metrics=PriceUSD,FlowInGEMUSD&frequency=1d&pretty=true&api_key=<your_key>"

Response

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

Shell

curl --compressed "https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=SplyAct1d&assets=eth&pretty=true&api_key=<your_key>"

Python

import requests
response = requests.get('https://api.coinmetrics.io/v4/timeseries/asset-metrics?metrics=SplyAct1d&assets=eth&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="SplyAct1d", 
        assets="eth",
    ).to_dataframe()
)