The vertical axis shows transaction output sizes — from tiny satoshi-level outputs at the bottom to massive multi-BTC transfers at the top. The color intensity reflects how many outputs were created at each size over time.
A few things stand out.
In the early years, activity was thin and scattered. Larger outputs were more common because Bitcoin was less fragmented and mostly held by early adopters.
As adoption grew, especially from 2016 onward, you see a thick band forming in the smaller output ranges. That’s retail participation, exchange withdrawals, UTXO fragmentation, and broader distribution.
During bull cycles, the heat intensifies across mid-sized outputs. That usually reflects higher on-chain activity and redistribution. In quieter bear phases, the pattern cools but doesn’t disappear — network usage persists.
What’s interesting is how consistent the lower-value output band becomes over time. It suggests structural growth in everyday transaction sizes rather than purely speculative movement.
This isn’t just price history.
It’s proof that network activity matured from sparse experimentation to sustained global usage over more than a decade.
@Vanarchain #Vanar $VANRY