Spent_Volume_USD_excl_dust_churn
Tech spec
| Field | Value |
|---|---|
| API name (slug) | spent_volume_usd_excl_dust_churn |
| Group | volume |
| Unit / Valuetype | usd / - |
| Shape | scalar |
| Resolutions | block, h1, h4, h8, h12, d1 |
| Endpoints | /v2/volume |
| Tier | 0 |
| Last updated | 2025-08-19 18:23 UTC |
| Docs | Open in Swagger |
Brief Description: ** The transaction volume (spent outputs) on the Bitcoin blockchain.
Metric Variants
- _btc: denominated in bitcoin
- _usd: denominated in US dollars
- _N: count of spent outputs
- _excl_dust: excluding spent outputs with dust value (<546 sats)
- _excl_churn: excluding spent outputs with a lifespan of less than 1h
Interpretation Understanding Spent_Volume_USD_excl_dust_churn can yield insights into market behavior. For instance, a high volume (USD, bitcoin and/or count N) might indicate increasing network utilization and possibly growing acceptance or speculation. Conversely, a low volume could suggest a decline in network activity, potentially implying reduced market interest.
Excluding churn is recommended as this filters out economically less meaningful transactions such as mixers and proxy transactions.
Advanced Explanation Spent_Volume_USD_excl_dust_churn represents the Bitcoin transferred on the blockchain. This volume does not distinguish between economic throughput, simple wealth transfers (such as a user moving Bitcoin between their own wallets), change outputs or multisig transactions. Spent_Volume_USD_excl_dust_churn also does not account for the transfer of bitcoins on centralized exchanges, as these transactions do not occur on the blockchain itself. Therefore, Spent_Volume_USD_excl_dust_churn is a raw number and could be significantly different from the actual economic volume.