import { capitalizationSeries, marketCapAddressBalanceSeries, marketCapAgeSeries, marketCapClassSeries, marketCapEpochSeries, marketCapSeries, marketCapTermSeries, marketCapTypeSeries, marketCapUtxoBalanceSeries, realizedCapAddressBalanceSeries, realizedCapAgeSeries, realizedCapClassSeries, realizedCapEpochSeries, realizedCapSeries, realizedCapTermSeries, realizedCapTypeSeries, realizedCapUtxoBalanceSeries, } from "./capitalization.js"; import { addressBalanceSeries, ageSeries, classSeries, epochSeries, termSeries, typeSeries, utxoBalanceSeries, } from "./cohorts.js"; import { colors } from "../utils/colors.js"; /** @param {typeof import("../utils/client.js").brk} client */ function metricCirculatingSupply(client) { return client.series.supply.circulating.btc; } /** @param {typeof import("../utils/client.js").brk} client */ function metricSupplyInProfit(client) { return client.series.cohorts.utxo.profitability.profit.all.supply.all.btc; } /** @param {typeof import("../utils/client.js").brk} client */ function metricSupplyInLoss(client) { return client.series.cohorts.utxo.profitability.loss.all.supply.all.btc; } export const sections = [ { title: "Supply", description: "How bitcoin moves from issuance into long-term ownership, profit, loss, and distribution.", chart: { title: "Circulating supply", series: [ { label: "Circulating", color: colors.orange, metric: metricCirculatingSupply, }, ], }, children: [ { title: "Profitability", description: "Which coins sit in profit or loss, and how that balance changes through cycles.", chart: { title: "Profitability", series: [ { label: "In profit", color: colors.green, metric: metricSupplyInProfit, }, { label: "In loss", color: colors.red, metric: metricSupplyInLoss, }, ], }, }, { title: "Term", description: "Supply split between recently moved coins and long-term holder coins.", chart: { title: "Supply by term", series: termSeries, }, }, { title: "Age", description: "How long coins have remained still, from fresh movement to deep dormancy.", chart: { title: "Supply by age", series: ageSeries, }, }, { title: "UTXO Balance", description: "Supply grouped by the amount held in each unspent output.", chart: { title: "Supply by UTXO balance", series: utxoBalanceSeries, }, }, { title: "Address Balance", description: "Supply grouped by the balance held at each address.", chart: { title: "Supply by address balance", series: addressBalanceSeries, }, }, { title: "Type", description: "Supply grouped by output script type.", chart: { title: "Supply by type", series: typeSeries, }, }, { title: "Epoch", description: "Supply grouped by the halving epoch in which coins were created.", chart: { title: "Supply by epoch", series: epochSeries, }, }, { title: "Class", description: "Supply grouped by the calendar year in which coins were created.", chart: { title: "Supply by class", series: classSeries, }, }, ], }, { title: "Capitalization", description: "Different ways to value the network by market price, realized cost, and accumulated flows.", chart: { title: "Capitalization", series: capitalizationSeries, }, children: [ { title: "Market Cap", description: "The current market value of circulating bitcoin at spot price.", chart: { title: "Market cap", series: marketCapSeries, }, children: [ { title: "Term", description: "Market value split between recently moved and long-term holder coins.", chart: { title: "Market cap by term", series: marketCapTermSeries, }, }, { title: "Age", description: "Market value grouped by how long coins have remained still.", chart: { title: "Market cap by age", series: marketCapAgeSeries, }, }, { title: "UTXO Balance", description: "Market value grouped by the amount held in each unspent output.", chart: { title: "Market cap by UTXO balance", series: marketCapUtxoBalanceSeries, }, }, { title: "Address Balance", description: "Market value grouped by the balance held at each address.", chart: { title: "Market cap by address balance", series: marketCapAddressBalanceSeries, }, }, { title: "Type", description: "Market value grouped by spendable output script type.", chart: { title: "Market cap by type", series: marketCapTypeSeries, }, }, { title: "Epoch", description: "Market value grouped by the halving epoch in which coins were created.", chart: { title: "Market cap by epoch", series: marketCapEpochSeries, }, }, { title: "Class", description: "Market value grouped by the calendar year in which coins were created.", chart: { title: "Market cap by class", series: marketCapClassSeries, }, }, ], }, { title: "Realized Cap", description: "The aggregate value of coins priced where they last moved on-chain.", chart: { title: "Realized cap", series: realizedCapSeries, }, children: [ { title: "Term", description: "Realized value split between recently moved and long-term holder coins.", chart: { title: "Realized cap by term", series: realizedCapTermSeries, }, }, { title: "Age", description: "Realized value grouped by how long coins have remained still.", chart: { title: "Realized cap by age", series: realizedCapAgeSeries, }, }, { title: "UTXO Balance", description: "Realized value grouped by the amount held in each unspent output.", chart: { title: "Realized cap by UTXO balance", series: realizedCapUtxoBalanceSeries, }, }, { title: "Address Balance", description: "Realized value grouped by the balance held at each address.", chart: { title: "Realized cap by address balance", series: realizedCapAddressBalanceSeries, }, }, { title: "Type", description: "Realized value grouped by spendable output script type.", chart: { title: "Realized cap by type", series: realizedCapTypeSeries, }, }, { title: "Epoch", description: "Realized value grouped by the halving epoch in which coins were created.", chart: { title: "Realized cap by epoch", series: realizedCapEpochSeries, }, }, { title: "Class", description: "Realized value grouped by the calendar year in which coins were created.", chart: { title: "Realized cap by class", series: realizedCapClassSeries, }, }, ], }, ], }, { title: "Activity", description: "How often the chain is used, how value moves, and how demand appears " + "in fees and transactions.", chart: "Network activity", children: [ { title: "Transactions", description: "Confirmed transaction count, throughput, and block-level settlement patterns.", chart: "Transaction count", }, { title: "Fees", description: "The cost users pay for block space and what that reveals about demand.", chart: "Fee rate", }, { title: "Addresses", description: "Address creation, reuse, activity, and balance changes across the network.", chart: "Active addresses", }, ], }, { title: "Mining", description: "The security budget, difficulty adjustments, pool behavior, and miner revenue.", chart: "Mining overview", children: [ { title: "Hashrate", description: "Estimated computational power securing the network over time.", chart: "Hashrate", }, { title: "Difficulty", description: "How Bitcoin adjusts mining difficulty to keep block production steady.", chart: "Difficulty", }, { title: "Rewards", description: "Subsidy, fees, and the changing economics of block production.", chart: "Miner rewards", }, ], }, { title: "Market", description: "Price behavior, returns, volatility, and the market context around on-chain patterns.", chart: "Market overview", children: [ { title: "Price", description: "Bitcoin price across time, cycles, drawdowns, and all-time highs.", chart: "Price", }, { title: "Returns", description: "How returns vary by holding period, entry point, and cycle phase.", chart: "Returns", }, { title: "Volatility", description: "The scale and rhythm of price movement across different windows.", chart: "Volatility", }, ], }, { title: "Ownership", description: "How coins are held across balances, entities, custody patterns, and long-term cohorts.", chart: "Ownership overview", children: [ { title: "Balances", description: "Address and entity balances grouped by size, concentration, and historical change.", chart: "Balance cohorts", }, { title: "Entities", description: "Estimated ownership clusters and how their behavior changes through market regimes.", chart: "Entity supply", }, { title: "Custody", description: "Coins associated with exchanges, funds, miners, and other observable custody groups.", chart: "Custody balances", }, ], }, { title: "Liquidity", description: "How available supply changes as coins move between liquid, illiquid, and exchange venues.", chart: "Liquidity overview", children: [ { title: "Liquid Supply", description: "Coins held by entities that tend to spend, trade, or redistribute frequently.", chart: "Liquid supply", }, { title: "Illiquid Supply", description: "Coins held by entities with low spending history and stronger accumulation behavior.", chart: "Illiquid supply", }, { title: "Exchange Flow", description: "Deposits, withdrawals, and balance changes across known exchange clusters.", chart: "Exchange netflow", }, ], }, { title: "Risk", description: "Stress, leverage, drawdown, and valuation conditions that shape market fragility.", chart: "Risk overview", children: [ { title: "Drawdown", description: "Distance from prior highs and the depth of cycle retracements over time.", chart: "Drawdown", }, { title: "Stress", description: "Periods where losses, volatility, and fee pressure concentrate together.", chart: "Network stress", }, { title: "Leverage", description: "Market conditions that indicate amplified exposure and forced positioning risk.", chart: "Leverage proxy", }, ], }, { title: "Cycles", description: "How Bitcoin behaves across halvings, adoption waves, liquidity regimes, and market phases.", chart: "Cycle overview", children: [ { title: "Halvings", description: "Supply issuance changes and their relationship to market and miner behavior.", chart: "Halving cycles", }, { title: "Phases", description: "Bull, bear, recovery, and transition periods described through on-chain behavior.", chart: "Cycle phases", }, { title: "Comparisons", description: "Cycle-to-cycle comparisons normalized by time, price, drawdown, or supply behavior.", chart: "Cycle comparison", }, ], }, { title: "Cohorts", description: "Groups of market participants organized by age, balance, cost basis, and observed behavior.", chart: "Cohort overview", children: [ { title: "Short Term", description: "Recently moved coins and holders more sensitive to price, volatility, and liquidity.", chart: "Short-term holder supply", }, { title: "Long Term", description: "Older coins and holders with stronger dormancy, conviction, or lower spend frequency.", chart: "Long-term holder supply", }, { title: "Cost Basis", description: "Estimated acquisition prices across cohorts and how they frame profit and loss.", chart: "Cohort cost basis", }, ], }, ];