Transfer Volume Momentum USD
Z-score 90-day rolling on daily transfer volume in USD — detects economic flows acceleration vs deceleration regime shifts.
What is it?
This indicator measures the 90-day rolling z-score of `transfer_volume_sum_24h_usd` (daily sum of BTC transferred on-chain converted to USD at spot price). Formula : Z = (s − mean_90(s)) / std_90(s). A positive z-score indicates a high economic flow regime (BTC movement weighted by its USD valuation) ; a negative one indicates a sub-regime. This metric combines on-chain activity and price — useful for measuring real network economic intensity from a dollar perspective.
How to read
Y axis centered on 0. Positive z-score = high on-chain economic activity in USD (large flows × spot price). Negative z-score = quiet on-chain economic activity. Systematically compare with `transfer-volume-momentum-btc` : if USD is high but BTC is neutral, price effect dominates ; if both are aligned high, economic activity is authentic.
Key zones
Zone +2σ and above : on-chain economic euphoria, historically associated with bull market phases with strong activity (volumes and price climbing together). Zone -2σ and below : on-chain economic depression, historically associated with deep bear market phases (low flows and low price). Zone -1σ to +1σ : normal regime.
What to observe
The implicit USD/BTC z-score ratio is key information : high USD without high BTC = pure price effect (stable BTC volumes, price rising → apparent USD rises). Low USD without low BTC = bear market with preserved internal activity but collapsed valuation. The best reading combines USD for macro economic intensity and BTC for on-chain authenticity.
Historical context
The 2017 and 2021 bull markets produced persistent USD z-scores above +2σ for 6-12 months (combination of high flows and high price). The 2022 bear market produced a deeply negative z-score (FTX collapse 2022-11-11 marking the trough at ~-3σ before recovery). The January 2024 spot ETF approvals restarted the machine with a persistent z-score above +1σ during the first months post-approval.
Expert notes
The BTC→USD conversion uses daily spot price, introducing a price dependency. A USD z-score is therefore a HYBRID indicator (flow + price), to differentiate from a pure flow indicator (BTC) or pure price indicator (BTC price alone). To decompose : z-score(USD) ≈ z-score(BTC flow) + z-score(price level). In practice, simultaneous analysis of both transfer volume z-scores (BTC + USD) provides the decomposition.
Common mistakes to avoid
A very high USD z-score during a rising price phase does not prove real economic activity : if BTC z-score is neutral, the movement is pure valuation. Conversely, a low USD z-score during a crash can mask high BTC on-chain activity (panic moves) — the collapsing price drives down apparent USD. Always cross BTC + USD for the true reading.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/transfer-volume-momentum-usd/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "transfer-volume-momentum-usd",
"timeframe": "1y"
}Required tier: pro. 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.