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Measures the average number of outputs per transaction, reflecting structural complexity on-chain — a simple peer-to-peer transfer typically has two outputs (recipient and change), while batched payments can have dozens or hundreds.

This ratio is an indirect gauge of institutionalisation: exchanges and payment processors batch payments to economise on fees, so a rising ratio usually accompanies a growing share of on-chain activity from institutions and service providers. Historically the reading climbs notably during high-fee periods, since expensive block space incentivises batching — a market-driven efficiency optimisation — and falls back when fees are cheap and the incentive weakens. Note that inscription-style transactions introduce atypical output structures that perturb the average.

Miner and network metrics describe the supply side: hashrate, block production and fees. Miner sell pressure is routinely overstated as a short-term price driver; these series are better used to read network security and the cost floor.

The live chart for this metric is still being wired up. Hashrate, block production and fee series already carry real data.