Typically metrics are computed by taking into account all coins/tokens.

For some metrics, it makes sense also to compute a derivation of them on the subset of coins/tokens that have been moved at least once no longer than X days/years ago.

UTXO blockchains naturally define the age of a coin, but this is not true for account-based blockchains. To define the age of a coin in account-based blockchains we developed our own Coin Age Model

Timebound metrics names are formed from the original metric name plus a timebound suffix. Available timebound suffixes are:

  • _1d - 1 day
  • _7d - 7 days
  • _30d - 30 days
  • _60d - 2 months
  • _180d - 6 months
  • _365d - 1 year
  • _2y - 2 years
  • _3y - 3 years
  • _5y - 5 years
  • _10y - 10 years


  • mvrv_usd_30d - The MVRV metric is computed by considering only the coins/tokens that were active in the past 30 days.
  • circulation_3y - The number of tokens transacted at least once in the past 3 years. If a coin/token is considered dead/lost (sent to graveyard address, the owner lost private key, etc.), such circulation can approximate total supply minus lost/dead coins.



The circulation_1d metric counts the number of coins/tokens that participated in on-chain transactions in the past 24 hours.

On one particular day, Alice sends 20 ETH to Bob, Bob sends 10 ETH to Charlie and Charlie sends 5 ETH to Dean.

Alice  -- 20 ETH -->  Bob
                    10 ETH
Dean <-- 5  ETH -- Charlie

In this scenario the transaction volume is 20 + 10 + 5 = 35 ETH, but the ETH in circulation is 20 ETH.

This difference can be explained as having twenty $1 bills. Alice sends all of them to Bob, Bob sends 10 of the received bills to Charlie, and Charlie sends 5 of them to Dean. There are 20 dollars in circulation total in this case.

One of the most valuable properties of circulation is that it is immune to mixers and gives a much better view of the actual amount of tokens that are being transacted on-chain.

Was this article helpful?