Transparent Coins by Depth from Coinbase
How many hops separate each coin from the block reward that created it.
▍How it is computed
Trace every UTXO back through its inputs to a coinbase; count hops. Coinbase = never moved, 1 hop = first spend of mined coins, 2–3, 4+.
▍How to read it
One-hop coins are usually mining payouts sitting at pools or exchanges. High-depth coins have been through real commerce. A growing 4+ band is circulation.
▍Get the data
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