BTC: Created and Spent Output Counts - EMA30 Lower Envelope

Bitcoin Created and Spent Output Counts - EMA30 Lower Envelope was 600,000 outputs on 7 Nov 2026 (latest daily value).

The lower of Bitcoin's 30-day averages of outputs created and outputs spent each day, capped at 600,000.

Why use it. A building block for comparing how fast outputs are created and spent. How to read it. Read it with the upper line: the gap between them is the difference between creation and spending.

Calculation. Exact definition: The lower of the 30-day exponential moving averages of daily created and spent output counts, capped at 600,000 outputs. Each day takes whichever smoothed count is smaller, and the line never exceeds the fixed 600,000 cap, so a flat line at 600,000 means both averages are at or above it. These are output counts, not transactions or users. Closed UTC days only, with no carry across missing inputs; source revisions, publication holds and the weakest input's finality carry through. min(min(ema(a,30), ema(b,30)), 600000), where a is the daily created output count, b the daily spent output count and ema(x,30) a 30-observation exponential moving average. Counts come from locally validated Bitcoin Core data, using 40-digit Decimal arithmetic.