Vaulted Cap (Cointime)
Capitalization of dormant, vaulted supply - coins that have not moved in a long time. Rising Vaulted Cap marks deep conviction and long-term holding.
What is it?
Vaulted Cap is the complement of Active Cap in the Cointime framework: Realized Cap = Active Cap + Vaulted Cap. It represents realised value 'locked' in dormant coins - those not actively participating in the Bitcoin economy. A growing Vaulted Cap indicates value is progressively being removed from active circulation, which Cointime analysts interpret as storage conviction (or lost coins). It is a thermometer of the network's 'security vault.'
How to read
Vaulted Cap is a monotonically increasing curve (each day of dormancy adds vaulted value). The slope is informative: acceleration means supply is 'freezing' faster. The Vaulted Cap / Realized Cap ratio measures the network's 'Vaultedness' (metric #49).
Key zones
The Vaulted Cap / Active Cap ratio is the primary indicator. A high ratio (Vaulted >> Active) indicates a network dominated by conservation - accumulation conditions. A falling ratio indicates a 'thaw' - dormant coins coming back to life, potential distribution conditions.
What to observe
Inflections in the Vaulted/Active ratio mark regime transitions. The shift from a rising to falling ratio has historically coincided with the start of distribution phases within the following 2-4 months.
Historical context
Vaulted Cap has shown a structural upward trend since 2012, reflecting Bitcoin's maturation as a reserve asset. The only significant slope contractions were observed during the major distributions of 2013, 2017, and 2021.
Expert notes
Vaulted Cap necessarily includes Satoshi's coins and other likely lost coins, which biases its reading. For an estimate of 'true' storage conviction, one would need to subtract an estimate of lost coins - an inherently imprecise exercise. The ARK framework proposes adjustments, but they remain approximations.
Common mistakes to avoid
A high Vaulted Cap is not intrinsically 'bullish.' It may simply reflect lost coin accumulation over time. The distinction between 'intentionally held' and 'accidentally lost' coins is impossible on-chain.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/vaulted-cap/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "vaulted-cap",
"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.