Supply_Coinbase

Tech spec

Brief Description: ** The total amount of Bitcoin coinbase UTXOs that has been mined and not spent.

Metric variants

• _lth: Supply_Coinbase restricted to Long-Term Holders (age ≥ 155 days).
• _sth: Supply_Coinbase restricted to Short-Term Holders (age < 155 days).

Interpretation A rising value suggest miners tend to hold onto their coins, suggesting optimism or potential price appreciation. Conversely, a decresing value can indicate increased selling or distribution, possibly hinting at a bearish outlook by miners.

It is interesting to note that a significant portion of the Supply_Coinbase includes coins mined by the anonymous creator, Satoshi Nakamoto, during the formative years of Bitcoin. These historically 'dormant' coins serve as a part of the total Supply_Coinbase, but they are not particularly interesting in the context of miner accumulation trends. As such, it is useful to use various filters, such as the "Z_Score 1Y 30 days", to emphasise patterns within the Supply_Coinbase metric.

Advanced Explanation Coinbase transactions are the first transactions in a block, introducing new coins into circulation as rewards for miners. Supply_Coinbase tracks these initial coins, focusing on those that have never been transferred or spent post-mining. This metric helps gauge miner activity, especially in terms of accumulation and potential selling pressure.