AltvsBTC · research
BTC Dominance, without lost & locked coins
TradingView's BTC dominance, recomputed as if bitcoin that can never be spent, or is legally barred from being sold, were not part of Bitcoin's market cap. Those coins come out of both Bitcoin's side and the total. Tick items below to see what each one does.
What is taken out of Bitcoin's market cap
Removed today
How it is built
- The starting line is TradingView's own: daily closes of
CRYPTOCAP:BTC.D, Bitcoin's market cap over the total crypto market cap, 1 Apr 2014 to today. - The adjustment: removed coins are valued at that day's price and subtracted from both Bitcoin's cap and the total. With dominance
Dand the removed share of Bitcoin's supplyr, that isD·(1−r) ÷ (1 − D·r). No price data is needed beyond what BTC.D already holds. - Bitcoin's supply each day comes from the issuance schedule between halvings; it matches CoinMarketCap's figure within 0.6% on every date checked, within 0.05% since 2017.
- Each item applies from the date it became true. The lost-coin estimate is applied over the whole chart: most lost coins date from 2009–2013, when bitcoin was nearly worthless, but the figure is a 2017 estimate, so the earliest years are likely over-adjusted slightly.
- Not removed, on purpose: Strategy, ETFs, exchanges and long-term holders. Those coins are held, not lost or locked: they can be sold any day. Wrapped BTC (WBTC and others) is a double count in the total, not a reduction of Bitcoin, so it is left alone here.