Active Supply Ratio (ASOL proxy)
Ratio of Active Cap to Market Cap - measures the share of market capitalisation attributable to economically active (recently moved) supply. A rising ratio marks network re-activation.
What is it?
Active Supply Ratio divides Active Cap (cointime-weighted capitalisation) by Market Cap. The result is a ratio between 0 and 1 measuring what fraction of total capitalisation is attributable to 'living' supply (recently moved coins). A high ratio indicates an active network where much of the capitalisation comes from coins in motion. A low ratio marks a dormancy-dominated network - most capitalisation is 'frozen' in immobile coins. It is a proxy for network economic activity, complementary to the Cointime Liveliness metric.
How to read
The ratio typically oscillates between 0.25 and 0.75. Rising values mark network 're-activation' - dormant coins are coming back to life and inflating Active Cap. Falling values indicate the network is 'freezing': holders are choosing dormancy over activity, reducing the active share of capitalisation.
Key zones
A ratio above 0.60 has historically coincided with late-stage distribution phases (many coins in motion). Below 0.35 marks extreme accumulation conditions (very dormant network). The 90-day trend is more informative than the absolute level.
What to observe
Compare this ratio with Liveliness (Cointime metric): both capture the same activity/dormancy dynamic but through different paths. A divergence between the two would warrant investigation. Price correlation is informative: rising ratio + rising price = healthy organic expansion.
Historical context
This ratio reflects Bitcoin's structural transition from an active transaction network (2011-2014, high ratio) to a store-of-value network (2019+, ratio trending down). Cyclical peaks during bull markets show temporary reactivations.
Expert notes
This ratio is a proxy computed as Active Cap / Market Cap. It is conceptually close to Liveliness but uses capitalisations rather than cumulative coinblocks. The true ASOL (Average Spent Output Lifespan) - which measures the average age of spent outputs in days - would require a dedicated series (spent_output_age_mean_24h) not yet integrated into the pipeline. Do not confuse the two.
Common mistakes to avoid
This ratio does NOT measure the age of spent coins. It is a capitalisation measure, not a time measure. A ratio of 0.50 means 50% of capitalisation is 'active' in the Cointime sense - not that coins are 0.50 days old.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/asol/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "asol",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.