Trinity Insights Glossary

Decentralized peer-to-peer network enabling the issuance and exchange of a native programmable digital currency, without a trusted third party. Invented in 2008 by Satoshi Nakamoto, launched in January 2009.

Halving of the Bitcoin block reward, occurring every 210,000 blocks (approximately every four years). Decreasing issuance mechanism coded in the protocol.

Macroeconomic time unit of Bitcoin, structured around each halving. Trinity uses a 4-cycle convention aligned on the halving as the default anchor.

Relative position within the current Bitcoin cycle, measured in days since halving or as a percentage of the cycle elapsed. Reference for reading Trinity indicators.

Total computational power of the Bitcoin network, measured in hashes per second. Indicator of network security and health.

Unspent Transaction Output. Atomic unit of Bitcoin accounting. Each transaction consumes UTXOs as input and produces new ones as output.

Market Value to Realized Value. Ratio of Bitcoin market capitalization to realized capitalization (sum of UTXOs valued at their last movement price). On-chain valuation indicator.

Z-Score of the MVRV ratio normalized over long history. Used to identify atemporal zones of extreme over- or undervaluation.

UTXO-weighted average price, calculated by dividing realized capitalization by current supply. Aggregated on-chain market cost basis.

Realized capitalization. Sum of the value of all UTXOs at their last on-chain movement price. On-chain alternative measure to market cap.

Spent Output Profit Ratio. Ratio between the sell price of a UTXO and its acquisition price. Aggregated profit/loss indicator of the on-chain market.

Net Unrealized Profit/Loss. Aggregated unrealized profit/loss of the Bitcoin market, calculated on the basis of realized capitalization. Atemporal 0-1 scale.

Network Value to Transactions. Ratio of Bitcoin market capitalization to daily on-chain transaction volume. Transactional valuation indicator.

Short-Term Holders. Cohort of Bitcoin UTXOs held for less than 155 days per the industry standard convention (Trinity uses a documented 6-month variant).

Long-Term Holders. Cohort of Bitcoin UTXOs held for more than 155 days per the industry standard convention (Trinity uses a documented 2-year variant).

Process by which Bitcoin transactions are verified and added to the blockchain. Miners receive a block reward + transaction fees.

Number of the current Bitcoin block. The block height increments by one for each newly mined block (approximately every ten minutes on average).

Describes data sourced directly from the Bitcoin blockchain (UTXOs, transactions, blocks, addresses), as opposed to off-chain data (exchanges, OTC markets, ETF NAV).

Refers to the global macroeconomic environment (monetary policy, liquidity, rates, inflation, etc.) influencing the Bitcoin market via institutional flows and risk perception.

Composite indicator measuring the abundance or scarcity of global monetary liquidity, calculated from Fed / ECB / BoJ / BIS balance sheets. Influences risk-on / risk-off.

Trinity Composite Score. Trinity Insights proprietary on-chain intelligence score (0-100) condensing the on-chain network state into a single macro regime reading, from extreme fear to extreme greed.

Trinity Cycle Top Indicator. Trinity proprietary multi-rubric synthesis indicator.

Trinity proprietary all-in-one composite indicator.

Education-Driven Chart Design. Trinity proprietary methodology guaranteeing strict consistency between the educational text of a chart and its visual rendering. See /methodology/edcd.

Trinity Audit Engine. Autonomous audit engine that daily compares Trinity values with public industry reference sources. 10-step certification chain. See /methodology/tae.

Markets in Crypto-Assets. European Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets. Trinity Insights, as an educational analysis tool, is not within its scope.

Autorité des marchés financiers. French financial markets regulator. Trinity Insights is neither a CIF nor a PSAN registered or licensed by the AMF.