1010210102 Tokens
← Ranking

BTC

Bitcoin · Proof-of-work money (benchmark)

100 /100
T1Store-of-value grade · #1 of 77
Money routeStableReviewed Oct 23, 2026
DemandSoundnessDurability
45 of 4540 of 4015 of 15

Key facts

SupplyFloat 100% of issued supply
  • Circulating 20.1M, 96%
  • Not yet issued 897.3K, 4%
  • Max 21.0M
FDV / market cap
1.0x
$1.62T / $1.62T
Market cap
$1.62T
Price $80,674, 7d −0.8%

Market data: CoinGecko, Oct 24, 2026. Scores reviewed Oct 23, 2026.

Assessment

Bitcoin carries its engine on the money route: it is a global settlement asset, with $13.5B of wrapped BTC posted at third-party lenders and ~73% of supply held long term. Supply runs ~0.82% a year under the 21M cap after the Apr 2024 halving, the schedule has not changed since 2009, and changing it needs a hard fork adopted by node operators. There was no premine or allocation, all issued BTC is liquid, and a 6-hour halt needs over half of all SHA-256 hashrate, more than $10B. The open question is the security budget as the subsidy halves again around 2028, with Core the only independent consensus codebase.

How value reaches holders

None by design: transaction fees and the block subsidy go to miners. 21M hard cap, ~0.82%/yr issuance after the Apr 2024 halving, next halving ~2028; supply schedule unchanged since 2009

Score anatomy

Demand

45 / 45: the stronger of two routes, plus adoption

Why would anyone hold it: does value reach the token, and is the network or product used today?

Holder routing engine input
0

All fees go to miners by design; holders capture value through scarcity, not cash flow

Nothing reaches holders by designHow this is scored

Revenue reality engine input
4
Monetary usage engine input
5

Global settlement asset: $13.5B of wrapped BTC posted at lenders (Aave $5.3B, Morpho $5.1B; DefiLlama Oct 23, 2026) and ~73% of supply held long term (panel 5).

Global settlement assethigh confidenceHow this is scored

Adoption ×3
5

The reference store-of-value money: $13.5B of wrapped BTC at lenders, ~73% of supply held long term, largest ETFs

Reference: the category's default by a wide margin, the venue, network or asset others are measured againsthigh confidenceHow this is scored

Two routes, the stronger counts

01234505cash flowmoney
Revenue 4, minus 5 for routing 0 = cash flow 0. Money use 5. The engine is the stronger route: 5.

Soundness

40 / 40

Can a long-term holder trust the rules: supply, float, distribution and control?

Supply discipline ×3
5

~0.82%/yr under the 21M cap after the Apr 2024 halving (next ~2028); the schedule has never changed and needs a hard fork adopted by node operators.

Hard cap or net deflationary by protocol rule, under 1%/yr gross growth, and nobody can mint past the cap or change the schedule short of a hard fork node operators adopthigh confidenceHow this is scored

Float and unlocks ×1
5

All 20.1M issued BTC is liquid with no allocation; unmined coins are scored under supply.

Fully vested, no scheduled unlockshigh confidenceHow this is scored

Distribution ×2
5

No premine or allocation: v0.1 was announced and released openly in Jan 2009, Satoshi's ~1.1M early coins were mined with the same public software, and issuance has been open mining for 17 years

No insider allocation of any kind, an open launch, and no organization directing supplyhigh confidenceHow this is scored

Decentralization and security ×2
5

No rollback or halt since 2013; a 6h halt needs over half of all SHA-256 hashrate (>$10B, not rentable). One consensus codebase (Core; Knots is a fork of it): 5 kept on the panel anchor and 17-year record

Attack cost over $10B, 5+ years without a halt, and 2+ independent production clients or a single client with 10+ years without a consensus failuremedium confidenceHow this is scored

Durability

15 / 15

Is it big, proven and reachable by institutions?

Scale ×1
5

$1.65T market cap (band 5), $28.7B/day median volume (band 5), no flags.

Systemic: over $10B market cap and $500M/day+How this is scored

Track record ×1
5

17.8 years since Jan 3, 2009; the last coordinated rollback (the Mar 2013 0.8 fork) is 13.6 years old.

10+ years with no rollback or coordinated halt in the last 10 yearshigh confidenceHow this is scored

Institutional access ×1
5

US spot ETFs hold ~$104B; in-kind creations allowed since Jul 2025

US spot ETFs over $10B with staking or in-kindhigh confidenceHow this is scored

What keeps it at the top

Every T1 gate is met. The margins:

  • Score 100gate 80(met)
  • Value engine 5gate 4(met)
  • Adoption 5gate 4(met)
  • Supply 5gate 4(met)
  • Security 5gate 4(met)
  • Distribution 5gate 3(met)
  • Float and unlocks 5gate 3(met)
  • Track record 5gate 4(met)
  • Scale 5gate 4(met)

Tier outlook

Stable

  • Security budget as the subsidy halves (~2028): fee share of miner revenue
  • Security: client diversity, with Core the only independent consensus codebase
  • Access: US spot ETF holdings (~$104B) and in-kind flows
  • Supply and security: post-quantum migration progress (BIP-360)

Compare with

How the ranking works and how BTC compares: see the full ranking. This entry as JSON:

GET https://tokens.10102.io/api/v1/tokenomics?symbol=BTC