Everything bitcoin is worth, divided by the dollars that moved on the chain that day. High means the market is worth a lot against what it is actually carrying. Bold line = 30-day average.
×18.60 market value ÷ dollars moved on Oct-22 2026, the last day in this build, measured and published by askthetape.com.
If a payment network is worth a lot but carries very little, somebody is paying up for the shares rather than the traffic. This ratio puts the two side by side: everything bitcoin is worth, divided by the dollars that moved on the chain that day. It is noisy by construction — a single quiet Sunday sends it up — which is why the bold 30-day line is what people read. We compute it with no smoothing at all in the raw view, because that is the definition; the smoothed variant is a different series and is not shown here as if it were the same one.
| leg | our own copy of the UTXO ledger (it was built once from a public chain archive and has been extended block by block from our own node since 2026-07-23): every output of 0.01 BTC and up, with the day it was created and the day it was spent (6,797,539 rows on this build, ledger to 2026-10-22) × exchanges' published daily closes (Bitstamp from Aug-18 2011; the Mt.Gox tape before) · ratio = market value ÷ (coins moved that day × that day's close). No smoothing in the raw view — a 7-day-smoothed variant correlates only 0.86 with the unsmoothed one, so they are not interchangeable. |
|---|---|
| cadence | daily |
| since | 2010-07-17 (our daily price era) |
| 🩸 early price | price before 2011-08-18 is not our own capture: it is the Mt.Gox daily tape, the first market bitcoin ever had — Mt.Gox daily tape (close), an open mirror, sha256 3390e9e9, pulled 2026-09-12, 391 days of it, and our own daily closes take over on 2011-08-18. Before 2010-07-17 there was no market at all, so coins born earlier have no price and no cost basis — we print that rather than fill it: 1,553,115 BTC, 7.76 % of the coins our ledger holds, stand outside every number on this page. Nothing is backfilled and no quote from a non-exchange is used. |
| 🩸 measured against what comes next | Measured 2026-09-13 on our own series since 2013: the level of this ratio carries no stable relation to the next 30–90 days (rank −0.05 to −0.13, the sign flips by epoch) — read it as a valuation context, not a signal |
| policy | no backfill · read it here · export: whole history |
| hourly window · where it comes from | Selected hourly spent-output series from January 2009 to 15 November 2025 use a public chain archive, recomputed with our own formulas. From 16 November 2025, those series use spent-output events read from our own Bitcoin node. Outputs below 0.01 BTC are excluded. Coverage and age rules vary by key; unverified historical zero-fill is blank and flagged. Historical publication times are not recorded. Native-only lines retain their own shorter coverage; exact coverage and formulas are listed per key in the export definitions. |
| hourly window · how the hours fold | The hour's own ratio: an hour of traffic, so it sits about 24× above the daily number by construction. Fold by summing what moved over the stretch, then dividing once. «N hours» in the window's own header means BUCKETS WITH DATA, not the distance from the first point to the last — the header prints both. Selected spent-output flows are zero in verified no-block hours; ratios, states and other missing observations remain blank. Block counts are a separate series where present, and describe the native node segment only. |
| hourly window · what this ledger cannot see | the ledger does not see outputs below 0.01 BTC — that is 87,202 BTC, 0.434 % of the coins alive on 2026-10-22, measured against what our own node counts as mined (the scheduled subsidy of every block header it holds). It is a threshold, not a fault, and it is the same threshold the daily page carries. |
| hourly window · which price | No price enters the selected spent-output flow or age-ratio formulas. Calendar-day age uses UTC date differences; fractional-age and stock-derived native lines retain their separate definitions and shorter coverage. |
| hourly window · one line or two | Definitions identify the coverage and formula of each line. Calendar-day-age and fractional-age measures remain separate; the earlier history applies only to the selected spent-output series. |
| hourly window · judged | This comparison covers the native node segment from 16 November 2025 only: 🩸 12 birth × spend cells on 3 of 341 closed days differ from the daily ledger of our own node — see the judge log; this window is not vouched for until that is explained. Judge run 2026-10-23, 13.3 hours ago. The judge runs daily against the daily ledger of our own node; a day the 35-day carrier no longer holds is not judged rather than counted as a difference. |
| this build | data to Oct-22 2026 |
| policy | no backfill · read it here · export: whole history |
The chart itself is drawn in the browser: turn JavaScript on to hover a day, pick a window and draw your line. The numbers above come from the last build, Oct-23 2026 21:24Z.
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