Cohort Data Navigation

About cohort data

1) How cohorts are created

To better understand on-chain activities within the Bitcoin and Ethereum networks, CryptoQuant regularly updates statistics that encapsulate various address characteristics. These statistics encompass balance, transaction value, transaction patterns, timing, adjacency with other addresses, and label information. By scrutinizing past on-chain activities, CryptoQuant analysts craft cohorts through precise address filtering based on these statistics. These pre-set cohorts provide valuable insights into significant network on-chain activities.

2) How cohort data is updated

Cohort lists and their corresponding metrics undergo daily updates, typically occurring between 04:00 and 05:00 UTC. This process ensures that cohorts accurately reflect the latest on-chain activities and any modifications to address labels. Consequently, both the addresses included in cohorts and the cohort-specific metrics dynamically change on a daily basis. It's important to note that these updates encompass historical data, meaning cohort metrics represent a dynamic overview rather than static, point-in-time information.

Metric

Metrics serve as representations of on-chain activities performed by cohorts of users. In the cohort analysis feature, the following metrics are supported.

1) Balance : Total holdings

2) Realized Cap : Realized Cap is a metric used in the analysis of coin market capitalization. Unlike traditional market capitalization, which calculates the value of coin by multiplying the current price by the total supply, Realized Cap takes into account the price at which each coin was last transacted. It represents the total value of all coins at their last transaction price, providing a different perspective on the distribution and valuation of coin.

3) Realized Price : Realized price is calculated as realized cap divided by the total coin supply

4) Realized Profit : Profit(loss) generated from selling coin. It represents the actual gains that a holder has realized through transactions on the blockchain

5) Realized Profit Ratio : Realized profit ratio is calculated by dividing the realized profit(loss) by the original acquisition value

6) Unrealized Profit : Potential profit(loss) that an investor or trader holds in their holdings based on the current market price, without actually selling the holdings

7) Unrealized Profit Ratio : Percentage of unrealized profit(loss) in comparison to the total value of holdings

8) Inflow : Inflow amount

9) Outflow : Outflow amount

10) Inflow Count : Inflow count

11) Outflow Count : Outflow count

These metrics offer valuable insights into the behavior and performance of user cohorts over time. By analyzing these metrics, users can gain a deeper understanding of their on-chain activities and make informed decisions to optimize their strategies.

Metrics within this platform are derived using UTXO (Unspent Transaction Output) data, or virtual UTXO if Ethereum is utilized. It's important to understand the concept of UTXO:

What is UTXO?

An Unspent Transaction Output (UTXO) represents a specific amount of Bitcoin that has been authorized by a sender and is available to be spent by a recipient.

Cohort (BTC)

1) Activeness Based Cohort

The cohort in this category is derived by assessing the activity level of the addresses

a) Address Frequently Received From CEX

• Inflow count from CEX in last 30 days >= 100

• Not CEX address or miner address

b) Highly Active Address

• Have transaction in last 30 days

• Transaction count in last 30 days >= 100

• Not CEX address or miner address

c) Frequent In-Out Flow Address

• Inflow count in last 7 years >= 10000

• Outflow count in last 7 years >= 10000

d) Frequent Inflow Address

• Inflow count in last 7 years >= 10000

e) Frequent Outflow Address

• Outflow count in last 7 years >= 10000

2) Balance Based Cohort

The cohort in this category is derived by assessing the balance level of the addresses

a) Balance 10~100

• 100 > balance >= 10

• Not CEX address or miner address

b) Balance 100 ~ 1k

• 1000 > balance >= 100

• Not CEX address or miner address

c) Balance 1k ~ 10k

• 10000 > balance >= 1000

• Not CEX address or miner address

d) Balance 10k ~

• balance >= 10000

• Not CEX address or miner address

3) Heuristic Cohort

The cohort in this category is derived by heuristic inference based on data

a) Accumulating Address

• No outflow in history

• Last Inflow amount >= 10

• Sum of inflow count >= 2

• Balance >= 10

• Have transaction in last 7 years

• Not CEX address or miner address

b) Accumulating Pattern Address

• No outflow in history

• More than 2 same inflow tx value at the same time

• Balance >= 10

• Have transaction in last 7 years

• Not CEX address or miner address

c) New Accumulating Address Balance 0.1 ~ 1

• No outflow in history

• Last Inflow amount >= 0.1

• Sum of inflow count >= 2

• 1 > Balance >= 0.1

• First transaction in last 30 days

• Not CEX address or miner address

d) New Accumulating Address Balance 1 ~ 100

• No outflow in history

• Last Inflow amount >= 0.1

• Sum of inflow count >= 2

• 100 > Balance >= 1

• First transaction in last 30 days

• Not CEX address or miner address

e) New Accumulating Address Balance 100 ~ 1k

• No outflow in history

• Last Inflow amount >= 0.1

• Sum of inflow count >= 2

• 1000 > Balance >= 100

• First transaction in last 30 days

• Not CEX address or miner address

f) New Accumulating Address Balance 1k ~

• No outflow in history

• Last Inflow amount >= 0.1

• Sum of inflow count >= 2

• Balance >= 1000

• First transaction in last 30 days

• Not CEX address or miner address

g) OTC From Miner

• Inflow from more than 2 distinct 1 hop addresses of mining pool

• Not CEX address or miner address

h) Accumulating retail address

• No outflow in history

• 1 > Balance > 0

• Sum of inflow count >= 2

• Have transaction in last 7 years

• Not CEX address or miner address

4) Interacted with Miner Cohort

The cohort in this category has transactions with mining pool addresses

a) Miner Shrimp Balance 0.1~1

• Have inflows from mining pool

• 1 > Balance > 0.1

• Not CEX address

b) Miner Whale Balance 1~100

• Have inflows from mining pool

• 100 > Balance > 1

• Not CEX address

c) Miner Whale Balance 100~1k

• Have inflows from mining pool

• 1000 > Balance > 100

• Not CEX address

d) Miner Whale Balance 1k~

• Have inflows from mining pool

• Balance > 1000

• Not CEX address

5) Whale Cohort

The cohort in this category is made of whale addresses which owns more than certain amount of btc

a) Short-term Holder Whale

• Balance > 1000

• Average utxo age < 155 days

• Not CEX address or miner address

b) Long-term Holder Whale

• Balance > 1000

• Average utxo age >= 155 days

• Not CEX address or miner address

c) Whale Last Active 0~1days

• Have transaction in last 1 day

• Balance >= 100

• Not CEX address or miner address

d) Whale Last Active 1~7days

• Have transaction in between 1 ~ 7 days

• Balance >= 100

• Not CEX address or miner address

e) Whale Last Active 7~30days

• Have transaction in between 7 ~ 30 days

• Balance >= 100

• Not CEX address or miner address

6) Interacted with Exchange Cohort

The cohort in this category has transactions with CEX addresses

a) OKX User Deposit Address

• Have outflows to okx hot wallet

• Historical balance < 0.0001 for more than 1 week

• Not CEX address or miner address

b) Binance User Deposit Address

• Have outflows to okx hot wallet

• Historical balance < 0.0001 for more than 1 week

• Not CEX address or miner address

Cohort (ETH)

1) Activeness Based Cohort

The cohort in this category is derived by assessing the activity level of the addresses

a) Address Frequently Received From CEX

• Inflow from CEX count in last 30 days >= 100

• Not CEX address

• Not Contract address

b) Highly Active Address

• Have transaction in last 30 days

• Transaction count in last 30 days >= 100

• Not CEX address

• Not Contract address

c) Frequent In-Out Flow Address

• Inflow count in last 7 days >= 100000

• Outflow count in last 7 days >= 100000

• Not CEX address

• Not Contract address

d) Frequent Inflow Address

• Inflow count in last 7 days >= 100000

• Outflow count in last 7 days < 100000

• Not CEX address

• Not Contract address

e) Frequent Outflow Address

• Outflow count in last 7 days >= 100000

• Inflow count in last 7 days < 100000

• Not CEX address

• Not Contract address

2) Balance Based Cohort

The cohort in this category is derived by assessing the balance level of the addresses

a) Balance 100~1K

• 1000 > balance >= 100

• Not CEX address or miner address

• Not Contract address

b) Balance 1K ~ 10k

• 10000 > balance >= 1000

• Not CEX address or miner address

• Not Contract address

c) Balance 10k ~ 100k

• 100000 > balance >= 10000

• Not CEX address or miner address

• Not Contract address

d) Balance 100k ~

• balance >= 100000

• Not CEX address or miner address

• Not Contract address

3) Heuristic Cohort

The cohort in this category is derived by heuristic inference based on data

a) Accumulating Address

• No outflow in history

• Last Inflow amount >= 100

• Sum of inflow count >= 2

• Balance >= 100

• Have transaction in last 7 years

• Not CEX address or miner address

• Not Contract address

b) Accumulating Pattern Address

• No outflow in history

• More than 2 same inflow tx value at the same time

• Balance >= 100

• Have transaction in last 7 years

• Not CEX address or miner address

• Not Contract address

c) New Accumulating Address Balance 10 ~ 10k

• No outflow in history

• Last Inflow amount >= 1

• Sum of inflow count >= 2

• 10000 > Balance >= 10

• First transaction in last 30 days

• Not CEX address or miner address

• Not Contract address

d) New Accumulating Address Balance 10k ~ 100k

• No outflow in history

• Last Inflow amount >= 1

• Sum of inflow count >= 2

• 100000 > Balance >= 10000

• First transaction in last 30 days

• Not CEX address or miner address

• Not Contract address

e) New Accumulating Address Balance 100k ~

• No outflow in history

• Last Inflow amount >= 1

• Sum of inflow count >= 2

• Balance >= 100000

• First transaction in last 30 days

• Not CEX address or miner address

• Not Contract address

f) Accumulating retail address

• No outflow in history

• 10 > Balance > 0

• Last Inflow amount >= 0.001

• Sum of inflow count >= 2

• Have transaction in last 7 years

• Not CEX address or miner address

• Not Contract address

4) ERC-20 Holder address

The cohort in this category is derived by address holdings of erc-20 token

a) USDT and USDC Whale

• USDC balance >= 1000000

• USDT balance >= 1000000

• Not CEX address

• Not Contract address

b) USDT Whale

• USDT balance >= 1000000

• USDC balance < 1000000

• Not CEX address

• Not Contract address

c) USDC Whale

• USDC balance >= 1000000

• USDT balance < 1000000

• Not CEX address

• Not Contract address

d) WBTC Whale

• WBTC balance >= 1

• Not CEX address

• Not Contract address

5) Interacted with Exchange Cohort

The cohort in this category has transactions with CEX addresses

a) OKX User Deposit Address

• Have outflows to okx hot wallet

• Historical balance < 0.001 for more than 1 week

• Not CEX address or miner address

b) Binance User Deposit Address

• Have outflows to okx hot wallet

• Historical balance < 0.001 for more than 1 week

• Not CEX address or miner address

Compare Metric

When delving into cohort data analysis, incorporating comparative metrics is essential for gaining comprehensive insights. By juxtaposing various indicators, you can uncover nuanced trends and correlations. Here's how to effectively utilize comparative metrics in your analysis

1)Price : price of the selected asset

2)Realized Price : Realized price is calculated as realized cap divided by the total coin supply.

3)MVRV : The ratio of coins market cap to its realized cap which indicates whether the price is overvalued or not

4)SOPR : Spent Output Profit Ratio (SOPR) is a ratio of spent outputs in profit at the time of the window

5)NUPL : Net Unrealized Profit and Loss (NUPL) is the difference between market cap and realized cap divided by market cap

6)Realized Cap : The stored value of the coin is calculated by summing up each coin at the price when it was last moved

7)Supply : Total supply of coins

8)Adjusted SOPR(BTC Only) : Adjusted Output Profit Ratio is a ratio of spent outputs (lived more than an hour) in profit at the time of the window

9)IFP(BTC Only) : The IFP focuses on measuring Bitcoin flows between different exchanges, especially flows between spot exchanges (Coinbase in this case) and all derivative exchanges

10)PNL Index(BTC Only) : CryptoQuant P&L index provides a summary of the profit or loss of every bitcoin holder at a given time using the MVRV ratio, LTH-SHT SOPR and NUPL metrics as input.

11)Bull Bear Indicator(BTC Only) : The Bull/Bear Market Cycle Indicator is a momentum indicator derived from CryptoQuant's On-chain P&L Index.

12)Staked Amount(ETH Only) : The valid ETH balance of the deposit contract