Tx Count Momentum
Z-score 90-day rolling on daily transaction count - detects regime shifts in network throughput.
What is it?
This indicator measures the 90-day rolling z-score of `tx_count_24h` (daily sum of confirmed transactions). Formula : Z = (s - mean_90(s)) / std_90(s). A positive z-score indicates a network throughput regime above its 90d mean ; a negative one indicates a sub-regime. The 90d rolling captures cycle regime changes rather than daily transaction noise.
How to read
Y axis centered on 0 with ±1σ and ±2σ bands. A reading above +2σ indicates throughput overheating (mempool typically saturated) ; a reading below -2σ indicates throughput collapse (underused network). The 0 line separates throughput expansion and contraction regimes.
Key zones
Zone +2σ and above : extreme overheating, historically coinciding with Ordinals inscription peaks and prolonged mempool congestion phases. Zone -2σ and below : throughput collapse, historically coinciding with bear market troughs and low utilization. Zone -1σ to +1σ : normal functioning (~68% of time).
What to observe
Line 0 crossings = throughput regime change. Compare with `active-address-momentum` : if both diverge (one up, the other down), question activity composition (few very active wallets vs many less active wallets). Also combine with `fee-rate-median` to distinguish structural congestion (high z-score + high fee) from punctual peak (high z-score + normal fee).
Historical context
The Ordinals genesis episode (2023-01-20) followed by BRC-20 and Runes waves pushed the txcount z-score to historically extreme levels (>+3σ for several weeks in April and November 2023). Post-FTX (2022-11-11) conversely produced a deeply negative z-score (-2σ to -3σ for ~6 weeks). The post-halving 2020-05-11 showed gradual expansion materialized by a persistent >+1σ z-score for ~9 months.
Expert notes
The underlying series counts the daily on-chain transaction count from the Bitcoin full node. The 90d rolling absorbs permanent structural changes in ~3 months (e.g. Ordinals emergence early 2023) - beyond that, the new regime becomes the new statistical « normal ». To analyze a recent structural event, complement with a 30d z-score (more reactive) and a 365d z-score (macro perspective).
Common mistakes to avoid
A high txcount z-score does not mechanically mean high economic volume : Ordinals inscriptions create huge numbers of transactions with very small unit value. Compare with `transfer-volume-momentum-btc` and `transfer-volume-momentum-usd` to distinguish « many small tx » (Ordinals) from « many tx + economic flows » (real bull run). Txcount alone can be misleading in the presence of spam or inscriptions.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/txcount-momentum/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "txcount-momentum",
"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.