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
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