Taproot Realized Cap Share
Share of total realized cap stored in P2TR UTXOs. Capital cost-basis view of Taproot adoption - recent purchases at higher prices weight this faster than the supply share.
What is it?
The realized cap is the sum of the cost basis (acquisition price) of all UTXOs in circulation. This metric computes (realized cap of P2TR UTXOs) / (total realized cap) × 100. It reflects the share of economic capital (in USD invested) stored in P2TR format, as opposed to the share of BTC count (#370). Since recent purchases occur at higher prices, the P2TR realized cap share grows faster than the P2TR supply share.
How to read
The vertical axis is a percentage between 0 and an unreached ceiling. The curve starts at zero before Taproot activation (November 2021) then grows with a steeper slope than the supply share #370. This divergence reflects the fact that recent acquirers (post-2021) deposit their coins to P2TR addresses at higher purchase prices.
Key zones
Pre-2021-11-14: zero zone (format does not exist). Initial phase: growth proportional to the supply share. Divergence phase (post-2022): the realized cap share exceeds the supply share, reflecting the high cost basis of new Taproot acquirers. Long-term trajectory dependent on institutional and retail purchase cycles.
What to observe
The ratio (realized cap share) / (supply share) is a measure of the Taproot 'cost basis premium' - a ratio above 1 indicates that coins in P2TR have a higher average cost basis than the network average. Also watch slope breaks around halvings and ETF arrivals - phases of wave institutional purchases tend to boost the P2TR realized cap share.
Historical context
Taproot was activated on 14 November 2021. The first P2TR acquirers arrived progressively with the deployment of compatible wallets (2022-2023). The arrival of spot ETFs in January 2024 marked a wave of institutional capital - some of these flows were deposited in Taproot custody, increasing the P2TR realized cap share at a structural pace.
Expert notes
This metric is complementary to the supply share #370 - together they provide a stock+capital view of Taproot adoption. The ratio of the two (realized cap share / supply share) is conceptually close to the 'efficiency ratio' measured by the prod metric `taproot-economic-gap`, but the latter uses counts (outputs) instead of realized cap.
Common mistakes to avoid
Do not confuse with the prod metric `taproot-economic-gap` (efficiency ratio supply share / count share, which measures whether P2TR outputs are dust or economically significant). This metric #371 measures the share of realized cap (capital cost-basis) in P2TR. Fast growth of the realized cap share does not necessarily mean wave adoption in count - it can result from targeted institutional purchases at high prices.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/taproot-realized-cap-share/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "taproot-realized-cap-share",
"timeframe": "1y"
}Required tier: performance. 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.