# Bitcoin On-Chain Monthly Review: Holders, Flows and Fees

> A monthly Bitcoin on-chain review: long-term holder supply, dormant coins, exchange reserves, fund holdings, fees and wrapped BTC, each cited to its block.

Markdown copy of https://voltfincrypto.com/apps/bitcoin-onchain-monthly-review

**Question:** What did Bitcoin's on-chain data show this month?

- Kind: Report in Voltfin Folio
- Topic: [Bitcoin](https://voltfincrypto.com/topics/bitcoin)
- Chains: Bitcoin, Ethereum, Base
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Each edition reads one calendar month of Bitcoin's chain and asks what holders did: whether long-held coins moved, whether coins left or entered exchanges, how much the funds and companies holding bitcoin added, what users paid for block space and how wrapped bitcoin on other chains changed. Every figure is pinned to a block in the month.

It is meant to be read quickly and checked easily. Chain reads, such as supply by coin age and exchange balances, sit apart from reported figures, such as fund holdings from issuer files, and each section says which kind it uses. The definitions stay fixed between editions, so a change from one month to the next is a change in the data.

## Blueprint

### The month in one paragraph

What holders, exchanges, funds and fees did this month, and the move that stood out most.

Cites: Bitcoin issued this month; Change in long-term holder supply; Change in exchange reserves; Fees paid.

### Who held and who spent

Supply by coin age at month end, long-held coins that moved and the dormant coins revived during the month.

Cites: Long-term holder supply at month end; Coins over a year old that moved; Dormant coins revived.

### Exchanges, funds and treasuries

Bitcoin on labelled exchanges, spot fund holdings and company purchases over the month, each with its source.

Cites: Exchange reserves at month end; Change in spot fund holdings; Bitcoin bought by listed companies.

### Block space and fees

Transactions, fees and how much block space went to inscriptions, runes and ordinary payments.

Cites: Transactions this month; Average fee per transaction; Share of block space used by inscriptions and runes.

### Bitcoin on other chains

Wrapped bitcoin supply on Ethereum, Base and other covered chains at month end, token by token.

Cites: Wrapped BTC supply by token; Change in wrapped BTC over the month.

### Definitions and receipts

Which blocks the month covers, how each figure is computed and which figures are reported rather than read.

## How it will be measured

- Holder figures come from the UTXO set at the month's first and last blocks: supply by coin age, long-term holder supply and old coins spent during the month.
- Exchange balances are the unspent outputs of labelled exchange addresses at month end, compared with the month's first block.
- Fund and company holdings are issuer-reported and labelled as reported; they are matched to disclosed custody addresses where those exist.
- Wrapped bitcoin is the totalSupply() of each wrapped BTC token on covered EVM chains at the month's last block, never added to Bitcoin's own supply.

## Data it needs

- `bitcoin_supply_daily` (to build): Bitcoin issued, supply by coin age band and by output script type (including coins whose public keys are already exposed), supply last moved long ago, and cost-basis measures.
- `bitcoin_network_daily` (to build): Blocks, hashrate implied by difficulty, difficulty, fees, transaction counts, block weight and miner revenue (subsidy plus fees) per day.
- `exchange_balances_daily` (to build): Balances held in labelled exchange wallets per asset, chain and exchange at day end, and net flows in and out.
- `etf_holdings_daily` (to build): Holdings and daily flows of spot crypto ETFs per fund, from issuer-published holdings, matched to custody addresses where they are disclosed.
- `token_supply_daily` (to build): Total supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- `bitcoin_inscriptions_daily` (to build): Inscriptions, rune etchings and mints, BRC-20 transfers, and the fees they paid per day.
- Source: Bitcoin UTXO set at the month's first and last blocks, by coin age
- Source: Every block of the month: transactions, fees and weight
- Source: Labelled exchange addresses and their unspent outputs at month end
- Source: Spot fund holdings from issuer files, matched to disclosed custody addresses
- Source: totalSupply() of wrapped BTC tokens on Ethereum, Base and other covered chains

## Questions

### What does on-chain analysis of Bitcoin measure?

What the public ledger shows: how much bitcoin moved, how old the coins were, how much sits on exchanges and what users paid in fees. It cannot see who owns an address unless a source labels it, so the report says where every label comes from.

### Why separate reported figures from chain reads?

Fund and company holdings are published by issuers and only sometimes matched to addresses, while supply, fees and balances are read from blocks. Keeping them apart lets a reader see which numbers can be re-checked from the chain alone.

### How is long-term holder supply defined?

Bitcoin in outputs unmoved for at least 155 days at the month's last block. The threshold stays fixed between editions so that months can be compared.

### Why include wrapped bitcoin?

Part of bitcoin's use happens on other chains, through tokens such as WBTC and cbBTC backed by bitcoin held elsewhere. Their supply is shown on its own and never added to Bitcoin's supply, which would count the same coins twice.

## Glossary

- **Long-term holder supply**: Bitcoin in outputs that have not moved for at least 155 days.
- **Exchange reserve**: Bitcoin held in addresses labelled as belonging to an exchange.
- **Dormant coins**: Bitcoin in outputs that went unspent for years before moving, counted when they move.

## Related apps

- [Bitcoin Long-Term Holders and Short-Term Holder Supply](https://voltfincrypto.com/apps/bitcoin-long-term-short-term-holder-supply)
- [Bitcoin Exchange Reserves and Netflows](https://voltfincrypto.com/apps/bitcoin-exchange-reserves)
- [Bitcoin ETF Flows Today: Inflows and Outflows by Fund](https://voltfincrypto.com/apps/bitcoin-etf-flows)
- [Wrapped Bitcoin Supply by Chain and Issuer](https://voltfincrypto.com/apps/wrapped-bitcoin-supply-by-chain)
- [Bitcoin Mining Monthly Report: Hashrate, Revenue and Pools](https://voltfincrypto.com/apps/bitcoin-mining-monthly-report)
- [Bitcoin Halving Countdown and Block Reward](https://voltfincrypto.com/apps/bitcoin-halving-countdown)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F