What is this?

The UTXO Realized Price Distribution (URPD) is a histogram that visualizes at which price levels the current Kaspa supply was last transacted. Each bar represents a price band and shows how many KAS coins have their "cost basis" within that range. This creates a volume-profile-like view of on-chain activity, revealing where the bulk of holders acquired their positions. It is the Kaspa equivalent of Glassnode's URPD chart for Bitcoin — one of the most referenced on-chain tools by professional analysts.

Unlike traditional exchange volume profiles that only capture trading activity on centralized platforms, URPD captures every on-chain movement including peer-to-peer transfers, mining payouts, OTC deals, and DeFi interactions. This provides a more complete picture of where real economic value exchanged hands. Each UTXO in Kaspa's current set carries an implicit cost basis — the market price of KAS at the moment that UTXO was created — and URPD aggregates all of these into a distribution.

The shape of the URPD chart tells a story about the market's history. Tall, dense bars at specific price levels indicate that large amounts of supply changed hands there — these are prices where significant accumulation or distribution occurred. Thin, sparse areas reveal price zones that were transited quickly without much on-chain activity, suggesting that price moved through these levels without establishing a strong holder base.

How to use this data

Dense price bands in the URPD act as on-chain support and resistance levels. When a large concentration of supply sits at a particular price, those holders create a "wall" of potential activity. If price drops toward a dense band from above, holders at that level are near breakeven and are less likely to panic sell — they may even add to positions. This creates demand (support). If price rises toward a dense band from below, holders who have been at a loss may sell to break even, creating supply (resistance).

Thin bands — gaps in the distribution — represent "air pockets" where price can move rapidly. If there's very little supply between $0.10 and $0.15, for example, the price may traverse that range quickly in either direction because few holders have their cost basis there to create friction. Traders use these gaps to identify potential areas of rapid price acceleration once a key level breaks.

The URPD is especially valuable for identifying macro accumulation zones. After extended periods of sideways price action, a massive bar builds at the range's midpoint — this represents patient accumulators who built positions during the consolidation. When price finally breaks out of that range, the large concentration below acts as strong support because those holders are in profit and unlikely to sell at a loss. This creates an asymmetric setup that institutional investors actively seek.

How it's computed

Computation requires a full scan of Kaspa's entire UTXO set. For each unspent output, the system identifies the block where it was created, retrieves the timestamp, and maps that timestamp to the historical KAS/USD market price. This price becomes the UTXO's "realized price" — the implied acquisition cost of the coins in that output.

All realized prices are then bucketed into predefined price bands. The bands use logarithmic scaling at lower prices (where Kaspa spent much of its early history) and linear scaling at higher prices for better resolution in the current trading range. The KAS amount in each UTXO is added to its corresponding price band bucket, producing the final histogram. The scan runs hourly to capture new UTXO creation and spending patterns.

A key nuance: when a UTXO is spent and new UTXOs are created in the resulting transaction, the old price band loses that supply and the new band (at today's price) gains it. This means the URPD is a living snapshot that constantly reshapes itself as coins move. During high- activity periods, supply rapidly shifts from old bands to the current price band. During dormant periods, the distribution remains stable, with accumulation slowly building bars near the prevailing market price.