Coin Days Metrics

Provides daily Coin Days metrics that measure the economic weight of Bitcoin transactions by accounting for how long coins were held before being spent.

• Coin Days Destroyed (CDD): The total coin-days destroyed when UTXOs are spent. A UTXO holding 2 BTC for 100 days destroys 200 coin-days when spent. High CDD indicates long-dormant coins are moving.
• Net Coin Days: CDC − CDD, where Coin Days Created (CDC) equals the circulating supply (each BTC creates exactly 1 coin-day per calendar day). Positive values indicate net accumulation; negative values indicate heavy spending of old coins.
• Coin Days Accumulated: Cumulative sum of Net Coin Days from genesis. Represents the total "stored time-value" in the UTXO set.
• Liveliness: cumCDD / (CDA + cumCDD). Measures the fraction of all possible coin-days that have been destroyed. Values near 1 indicate a high-velocity economy; values near 0 indicate strong HODLing.
• Vaultedness: 1 − Liveliness = CDA / (CDA + cumCDD). Measures the fraction of coin-days stored (not yet destroyed). High values indicate coins are being held long-term.
• Transfer Volume: Total BTC spent (changed hands) on-chain each day.
• Dormancy: Average age (in days) of coins spent: CDD / Transfer Volume. Higher values mean older coins are moving.
• Dormancy Flow: Dormancy normalized by its 365-day moving average. Values above 1 indicate unusually old coins are moving.