Outputs created vs spent — Outputs created vs spent, and the cumulative UTXO set
UTXO set growth follows Bitcoin's monetary supply and its underlying output set: Outputs created vs spent. It explains how new coins enter circulation and how the ledger changes over time.
Read the series against Bitcoin's scheduled issuance and halving cycles. Structural shifts unfold slowly, so long-term comparisons matter more than daily noise.
Bitcoin's issuance rules are deterministic, while output and payment patterns are operational. This chart describes the chain's accounting, not demand by itself.