Recently I’ve been working on a metric to quantify how quickly coinbase outputs move off miner balance sheets and get integrated into the Bitcoin floating supply. My goal is to see if the halving is putting increased sell pressure on miners. Below is a chart showing my best version of the metric. It provides useful signal, but I’m still getting comfortable with it. Low values represent increased miner selling, and high values miner hodling.
COHI: Coinbase Output Herfindahl Index
COHI: Coinbase Output Herfindahl Index
COHI: Coinbase Output Herfindahl Index
Recently I’ve been working on a metric to quantify how quickly coinbase outputs move off miner balance sheets and get integrated into the Bitcoin floating supply. My goal is to see if the halving is putting increased sell pressure on miners. Below is a chart showing my best version of the metric. It provides useful signal, but I’m still getting comfortable with it. Low values represent increased miner selling, and high values miner hodling.