Seller Exhaustion Constant
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
The Seller Exhaustion Constant multiplies the fraction of Bitcoin supply in unrealized profit by 30-day price volatility. It is a dimensionless composite shown as a ratio, combining the breadth of profitable supply with recent price variability.
How to read it
Low values can reflect a small profitable share, subdued volatility, or both; the exhaustion interpretation is strongest when both inputs are low. Higher readings indicate a larger product of those inputs, not a direct count of sellers. On October 17, 2022, the value was about 0.0103, compared with a full-history median near 0.0429.
The product can hide different combinations of its inputs, so inspect supply in profit and volatility separately. A low reading does not prove sellers are finished, early zero values may reflect limited price history, and the exact volatility convention affects scale; it is not an annualized return or a probability.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,507
FAQ
Why is the Seller Exhaustion Constant not constant?
Constant is the indicator's name, not a claim that its value is fixed. Both the share of profitable supply and rolling price volatility change, so their product changes each day.
Does a low value always mean most coins are at a loss?
No. Very low volatility can produce a low result even if much of supply remains profitable. The two inputs need to be checked to distinguish quiet profitable markets from quiet markets with widespread losses.
Can the value be read as a percentage chance of a bottom?
No. It is a product of two inputs, with no calibrated probability interpretation. A reading of 0.01 does not mean a 1% chance of any market event.
