Revived Supply Realized
Daily USD realized value (at spend time) of revived UTXOs - captures the immediate market valuation when dormant coins move.
What is it?
Revived Supply Realized measures the daily spot USD sum of spent UTXOs, valuing each coin at the spend day's price (not the acquisition price). It is the temporal opposite of Cost Value (#311): we look at the outgoing market value, not the original incoming value. The difference between #312 and #311 = global realized PnL of revived coins (#316 profit minus #315 loss). It is an industry on-chain standard for measuring effective current capital distribution.
How to read
USD line log scale + BTC price overlay. Read as a USD volume: each day shows the total valuation of coins changing hands. Visually compare with #311 Cost Value to estimate global realised PnL. A #312 systematically higher than #311 indicates a profit-dominant market (typical of mature bull markets). Conversely, phases where #312 ≈ #311 or < #311 mark capitulation.
Key zones
Peaks in #312 typically mark active distribution phases: massive USD volumes spent at high prices. Troughs mark lethargic markets. The slope of #312 vs the BTC price slope can serve as a divergence indicator (the market moves without spent volume accompaniment = potential trend fragility indicator).
What to observe
The #312/#311 ratio = instant profit factor. A ratio durably > 2 indicates end-of-cycle market (OG in active distribution). A prolonged ratio < 1 indicates deep capitulation. Cross-reference with #316 Profit USD and #315 Loss USD to decompose the movement (stable #312 but #316 and #315 rising in parallel = strong rotation with simultaneous winners AND losers).
Historical context
The most striking peaks coincided with cycle tops (late 2017, late 2021) when OG distribution waves peaked at high prices. Bottom phases (2018, 2022) saw #312 collapsed relative to the previous cycle. The arrival of spot ETFs in 2024 generated a new topology: more frequent #312 peaks but more contained amplitude, reflecting an institutional market regularly rebalanced.
Expert notes
Realized USD is the mathematical foundation of many cycle metrics (Realized Cap, Realized Price). Understanding #312 helps decode the individual components feeding these aggregates. For fine-grained analysis, normalise #312 by Market Cap on the day: you get a 'USD velocity ratio' measuring the share of total capitalisation that moves each day - a proxy for on-chain economic activity.
Common mistakes to avoid
Do not confuse #312 with 'on-chain volume'. Realized USD measures the valuation of spent UTXOs, not the number of transactions nor the volume traded on exchanges. An internal transaction between two wallets of the same owner counts in #312 even if no economic redistribution actually occurred. For 'true' economic volume, cross-reference with entity-adjusted-tx-count.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/revived-supply-realized/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "revived-supply-realized",
"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.