Taproot Supply Share
Share of total BTC supply held in P2TR UTXOs, smoothed over 30 days for macro trajectory clarity. Differs from the raw supply ratio by surfacing trend over short-term noise.
What is it?
This metric computes the ratio (BTC supply in P2TR) / (total BTC supply) × 100, smoothed over a 30-day rolling window. It captures the share of Bitcoin's cumulative stock (not the share of created outputs) held in P2TR format. The 30-day smoothing eliminates short-term noise and surfaces the macro trajectory post-Taproot activation (November 2021).
How to read
The vertical axis is a percentage between 0 and an unreached ceiling. The curve starts at zero before activation then grows monotonically (with pauses) as acquirers deposit coins to P2TR addresses. The slope reflects adoption speed: steep slope = institutional or wave retail adoption, flat slope = saturation or cyclical pause.
Key zones
Pre-2021-11-14: zero zone (format does not exist). Initial phase (first months post-activation): slow growth, low base. Post-Ordinals acceleration (2023): the share progresses faster with new data-protocol uses. Long-term trajectory undetermined - depends on retail and institutional wallet maturity.
What to observe
Compare the slope with that of #371 Taproot Realized Cap Share - faster growth of the realized cap share than the supply share indicates that recent purchases (at higher prices) favour Taproot. Watch slope breaks around major events (spot ETF January 2024, halvings).
Historical context
Taproot was activated on 14 November 2021 via the Speedy Trial process (BIP8). The wallet ecosystem took time to deploy. The arrival of Ordinals inscriptions in January 2023 accelerated P2TR use. The Runes protocols (April 2024 post-halving 4) extended this dynamic.
Expert notes
The P2TR supply share grows more slowly than the P2TR created output share because old coins (P2PKH, P2SH) remain immobilised for years. The metric is also sensitive to institutional wallet cleanup and redeployment (custody migration to MuSig2). The 30-day smoothing offers a stable macro reading but masks short-term breaks - for the latter, use the raw daily version `taproot-supply-ratio`.
Common mistakes to avoid
Do not confuse with the prod metric `taproot-spend-ratio` (share of spent outputs in P2TR format, flow dimension) or `taproot-adoption` (raw count of P2TR outputs, not supply share). This metric measures the STOCK (cumulative supply) of BTC in P2TR format, smoothed over 30 days for macro clarity. The raw daily version also exists in the prod catalog (`taproot-supply-ratio`).
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/taproot-supply-share/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "taproot-supply-share",
"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.