A monetary network,
measured over time.
Price gets the attention. The more interesting story is how issuance, security, use, and ownership change across cycles.
Why price and the 24-hour change matter
This is the latest BTC/USD trade reported by Kraken—not a universal Bitcoin price. Price shows what buyers and sellers on that market agree one bitcoin is worth now. The 24-hour change gives immediate context, but says little about Bitcoin’s long-term direction by itself.
Why sats per dollar matters
A satoshi, or sat, is one hundred-millionth of a bitcoin. This reverses the usual price quote and shows how much bitcoin one dollar can buy. As Bitcoin’s dollar price rises, the number of sats per dollar falls.
All four-year eras
How to read this chart
Press and drag across the chart to inspect the price on a particular date. The four-year view shows the current issuance era by default. A logarithmic scale gives equal vertical space to equal percentage changes when comparing early and recent cycles. Halving markers show when the block subsidy changed; they provide historical structure, not a prediction.
Known supply.
Declining issuance.
Price is discovered by markets. Issuance follows rules enforced by the network.
Select any measurement marked + to see what it means and why it matters.
Supply issued—
The cumulative bitcoin created through block subsidies, compared with the 21 million limit. It shows how much of the fixed supply schedule has already entered circulation. Lost coins are still included because the network cannot know which coins are permanently inaccessible.
Annualized issuance—
The current block subsidy projected over one year, divided by the supply already issued. It approximates Bitcoin’s present monetary inflation rate and shows how quickly new supply is being added.
Block subsidy—
New bitcoin awarded to a miner for adding a valid block, before transaction fees. It is one component of miner revenue and is cut in half every 210,000 blocks.
Next halving—
An estimate of when the block subsidy will be cut in half again. The date moves because blocks arrive irregularly; the event occurs at a known block height, not at a fixed calendar time.
Market capitalization—
The latest market price multiplied by the total supply issued. It is useful for comparing Bitcoin’s monetary scale, but it is not the amount of cash invested or money that could all be withdrawn at today’s price.
30-day realized volatility—
The annualized standard deviation of daily logarithmic returns during the last 30 days. It measures how widely price has moved recently—not whether it moved up or down—and helps distinguish calm from turbulent market regimes.
Drawdown from all-time high—
How far the current price sits below the highest historical price in this dataset. It puts a decline in cycle context: 0% means a new high, while a larger negative number means a deeper retreat from the peak.
The machine underneath the market
Block height—
The number of the latest block in Bitcoin’s longest valid chain. It is a simple heartbeat for the network: when the height advances, a new batch of transactions has been confirmed.
Hashrate—
An estimate of the total computing power miners are applying to Bitcoin. More hashrate generally means more mining competition and more computation required to attack the chain, although hashrate is inferred rather than directly counted.
Next-block fee—
The estimated fee rate, in satoshis per virtual byte, needed for prompt confirmation. It reflects current demand for scarce block space, but cannot guarantee inclusion in the next block.
Mempool—
The virtual size of valid, unconfirmed transactions waiting to be mined. A growing mempool usually indicates congestion and stronger competition for block space; a small one suggests transactions are clearing quickly.
Difficulty adjustment—
The estimated change in mining difficulty at the next retarget. Bitcoin adjusts difficulty every 2,016 blocks to keep average block production near 10 minutes as hashrate enters or leaves the network.
Blocks remaining—
The number of blocks until the next difficulty retarget—not the next halving. It shows how much of the current 2,016-block adjustment period remains.
Estimated ownership.
A plausible curve.
Bitcoin addresses are not people. One person can control many addresses, while one exchange address can represent millions of customers. Ownership therefore has to be estimated rather than counted directly.
Estimated global Bitcoin owners
A consistent estimate, not a census. The series combines on-chain information with exchange and survey data.
Where that may place Bitcoin
This curve is conceptual. It is useful for framing a hypothesis, but it does not prove that ownership will follow this path or predict when an inflection point will occur.
What this number does—and does not—say
Crypto.com estimates 365 million Bitcoin owners at the end of 2025, up from 337 million a year earlier. Dividing that estimate by a world population of roughly 8.2 billion produces the ≈4.5% figure above.
The estimate cannot identify every distinct owner, account for every custodial relationship, or turn wallet addresses into a reliable headcount. It also does not measure conviction, self-custody, transaction activity, or the amount each person owns.
U.S. Bitcoin-only ownership is not shown here. The strongest recurring U.S. surveys generally measure cryptocurrency broadly, and presenting those results as Bitcoin ownership would imply more precision than the evidence supports.
With thanks to Lawrence Lepard, whose insights inspired this dataset and the questions it is meant to explore.
Market data is informational and may be delayed or unavailable. Nothing here is investment advice. Methodology and source matter more than false precision.