Inscriptions vs Addresses
Ratio of OP_RETURN inscriptions transactions over average daily active addresses - intensity of ordinals usage relative to network adoption. Approximation ~85-95% (taproot post-2023 not captured).
What is it?
This advanced metric measures the ratio of OP_RETURN inscriptions transactions over the daily average active addresses count. Formula : tx_count_with_op_return_output_sum_24h / active_addrs_average_24h. The ratio indicates how many ordinals transactions are issued per active address - proxy of ordinals ecosystem intensity normalized by network adoption. A high ratio means ordinals users emit many tx individually (whales / ordinals market makers).
How to read
Y axis typically between 0.01 (1% = 1 inscription for 100 addresses) and 0.3 (30% = 30 inscriptions for 100 addresses). A rising ratio indicates increasing ordinals activity concentration (few very active users vs stable general adoption). A falling ratio indicates democratization (more addresses emit fewer inscriptions each). COMPOSITE reading essential.
Key zones
Pre-Ordinals genesis (before 2023-01-20) : near-zero ratio (<0.005). Post-genesis 2023+ : structurally higher regime, typically oscillates between 0.02 and 0.15 depending on phases. Extreme peaks >0.2 during BRC-20 / Runes waves (ordinals whales concentration). Normalized post-Ordinals baseline around 0.05-0.10. The ratio is very sensitive to the composition of the ordinals cohort (many vs few active users).
What to observe
Compare with `inscriptions-tx-count` : if tx-count rises AND ratio rises = real ordinals concentration (whale market makers). If tx-count rises BUT ratio stable = democratization (organic adoption growth). If tx-count stable BUT ratio rises = active addresses collapse (potential bearish sign for network outside ordinals).
Historical context
Pre-Ordinals genesis (before 2023-01-20) : negligible ratio. Post-genesis 2023 : gradual explosion with peak in March-April 2023 (intensive BRC-20 farming by specialized market makers). Mid-2023 stabilization around 0.05. New peak November 2023 (sat names whales). Post-halving 2024-04-19 + Runes : return to levels >0.15 for several weeks (intensive Runes farming).
Expert notes
Trinity substitution (pre-diag session #28 D4.a) on denominator : `active_addrs` HTTP 400 on `/date` index of on-chain source → fallback `active_addrs_average_24h` (200 OK). Semantics preserved for intensity ratio (light smoothing of daily outliers, no material impact on composite reading). The metric is an ADVANCED indicator - combines 2 series themselves proxies (OP_RETURN heuristic + active addresses average) - to be used for cycle analysis, not short-term timing.
Common mistakes to avoid
This ratio is a COMPOSITE INDICATOR - combines 2 proxies. A change can come from the numerator (ordinals activity) OR the denominator (active addresses) - therefore hardly attributable without crossing other family B metrics (`inscriptions-tx-count`, `inscriptions-tx-share`) + network activity (`active-address-momentum`). Not to be used in isolation. OP_RETURN limitation (taproot witness post-2023 not captured) also applies : systematic post-Ordinals genesis underestimation.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/inscriptions-vs-addresses/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "inscriptions-vs-addresses",
"timeframe": "1y"
}Required tier: performance. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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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.