A monthly Bitcoin (BTC) measure divides total supply according to whether the public keys associated with coins are visible on the blockchain, giving readers a six-group inventory of on-chain visibility.
Among the five flagged groups are Taproot and P2PK outputs, including a category attributed to Satoshi Nakamoto. The other groups track balances at previously spent addresses, split between exchange-linked and other addresses. The sixth group covers all remaining supply, with each coin counted in only one category.
Readings reflect supply at each month’s close and are refreshed monthly. Entity clustering is used to identify exchange- and Satoshi Nakamoto-linked holdings, so changes to those links can shift classifications in earlier monthly readings.
A public key can be visible on the blockchain, while a private key authorizes spending. The distinction is discussed in earlier EconoTimes coverage of public-key visibility.
