{"uuid":"24709ada-62b3-4784-5927-ed3089616101","categoryUuid":"d36546c5-cec2-431a-7b64-3f89f2211e65","data":{"meta":{"name":"BTC: Lifespan (Entity-Adjusted)"},"configs":[{"meta":{"date":1680048000000,"asset":"BTC","since":1230940800000,"until":1680048000000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.CddAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"fe586dd4-9ddd-4f16-a0f3-201d0b71b76c","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"## Lifespan Analysis (Entity-Adjusted) 🕰️\n---\n\nLifespan is one of the more powerful tools in on-chain analysis, and is a concept that is unique to blockchains. The transparency of the Bitcoin ledger allows us to Timestamp each UTXO, which then allows us to calculate the Lifespan of each coin.\n\nThis dashboard covers both entity-adjusted, and Long/Short-Term Holder Lifespan metrics, which filter  only for economically meaningful transfers.\n\n**Lifespan metrics allow us to assess:**\n\n- The time since a coin was last moved (investor holding time).\n- Volumes of holding-time 'destroyed' when a coin is spent (divestment trends by longer-term investors).\n- Breakdown lifespan metrics into Long- and Short-Term Holder cohorts to assess behavioral trends.\n\n---\n\n### Coin-days Destroyed\n\nThe CDD metric measures the total volume of Coin Days Destroyed across all Bitcoin spent on any given day. This gives insight into the lifespan of the coins being spent, and a view on the macro sentiment of Bitcoin's longer-term investors.\n\n- **High CDD values ↗️** suggest investors holding coins with long lifespans are spending coins to realize profits, taking advantage of market strength, or have reduced conviction to hold the asset.\n\n- **Low CDD values ↘️** occur when day-to-day network traffic dominates network traffic, older coins remain dormant, and conviction to hold the asset is high. Periods of reduced interest in the asset (such as bearish markets) tend to lead to less on-chain activity and thus lower indicator values."},"uuid":"fb7e4253-ef47-45b9-9621-06da69b40615","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"date":1680134400000,"asset":"BTC","since":1231718400000,"until":1680134400000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.CddSthAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"013a47e3-cd92-42af-9cd0-7779b2fc0f5c","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1680134400000,"asset":"BTC","since":1231718400000,"until":1680134400000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.CddLthAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"992fe75d-e267-4021-becc-e4eee48f9fe1","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1680048000000,"asset":"BTC","since":1231718400000,"until":1680048000000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.DormancyAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"127600b3-fe6a-42ef-b99a-581a4f72e4e6","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1680134400000,"asset":"BTC","since":1231718400000,"until":1680134400000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.DormancyLthAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"3d4b0ad2-0945-40d7-8148-67b7f1897ae4","extra":{"zoom":"5y","price":true,"scale":"log","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1680134400000,"asset":"BTC","since":1231718400000,"until":1680134400000,"currency":"native","metricCode":"indicators.DormancySthAccountBased","resolution":"24h"},"uuid":"7906168f-1eff-4570-8326-e72b40f93baa","extra":{"price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"date":1680134400000,"asset":"BTC","since":1231718400000,"until":1680134400000,"mathFn":{"name":"ema","value":"7"},"currency":"native","metricCode":"indicators.DormancySthAccountBased","resolution":"24h","movingMedian":0,"movingAverage":0,"expMovingAverage":"7"},"uuid":"55b4026e-e439-419a-ac0b-65ad7390f34a","extra":{"zoom":"5y","price":true,"scale":"lin","lineColor":"#f7931a","chartStyle":"line"},"configType":"metric"},{"meta":{"content":"## Dormancy\n---\n\nThe Average Coin Dormancy (Dormancy) metric assesses the average amount of Coin Days Destroyed per unit Bitcoin transacted (i.e. Coindays Destroyed per BTC).\n\nThus the metric measured in units of time (days) and represents the average number of days that each spent coin was dormant prior to being transacted.\n\n\n- High dormancy values ↗️ suggest that coins spent that day have been held for longer periods of time in an illiquid state, and are likely being spent back into liquid circulation.\n\n- Low dormancy values ↘️ suggest that coins being spent that day are relatively young, signalling that older coins are generally remaining unspent, and on-chain volume is characteristic of more day-to-day traffic.\n"},"uuid":"7c79b048-946d-4f01-a73c-496c58abdd36","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"d9f23fa3-180a-418e-6554-4851103de9ee"},"uuid":"ea9a3342-47fb-42cb-b62c-99542afcfcdf","configType":"workbench"},{"meta":{"content":"## Dormancy Flow\n---\n\nDormancy Flow is the ratio between the value of a cohorts holdings, and the rolling annual USD value of coinday destruction. Dormancy Flow acts to create both a time and volume weighted oscillator which compares the weight of holdings to expended holding time.\n\n`Dormancy Flow = Cohort Supply * Price / sum(Dormancy * Price, 365)`\n\n- **Low Values of Dormancy Flow** signals that the total value of supply held is low relative to the value of coinday destruction by that cohort. This is typical of low volatility, and low on-chain activity rates by that cohort.\n\n- **High Values of Dormancy Flow** signals that the total value of supply held is high relative to the value of coinday destruction by that cohort. This is typical of periods of high on-chain expenditure by that cohort."},"uuid":"f69c2a1d-0135-48a0-9f92-1af53c19fdb0","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"e73ebd9f-0625-42f6-4e86-df7924a3aedd"},"uuid":"a95d0cb1-3828-4bb4-a99e-18b6e6974e22","configType":"workbench"},{"meta":{"content":"## Coinday NTV and RVT Ratios\n---\n\nCoinday Destruction can be considered to be a form of both time, and volume weighted 'spent volume'. From this lens, we can construct NVT and RVT oscillators, which compare the value held within each coin supply region, and the corresponding value of CDD.\n\n`Coinday NVT = Market Cap / sum(CDD * Price, 90)`\n`Coinday RVT = Realized Cap / sum(CDD * Price, 90)`\n\nFrom this, we can derive Long-Term Holder equivalents as follows:\n\n`LTH CDD-NVT = LTH Supply * Price / sum(LTH-CDD * Price,90)`\n\n`LTH CDD-RVT = LTH Realized Cap / sum(LTH-CDD * Price,90)`\n\nThe same exercise can be repeated for Short-Term Holders.\n\nGenerally speaking, NVT and RVT Ratios can be interpreted within the following framework:\n\n- **High values and uptrends** indicate that CDD volumes are declining relative to value of the supply region, indicating a potential slow-down in network utilization.\n\n- **Low values and downtrends** indicate that CDD volumes are increasing relative to value of the supply region, indicating potential growth in network utilization.\n\n- **Stable sideways values** indicate that CDD volumes are in equilibrium with the value of the supply region, indicating the current trend is likely sustainable and in equilibrium."},"uuid":"bccf6db2-a596-4b7d-9668-a301b779e7cd","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"f555984c-9166-49fe-63a4-0a9cd14025f6"},"uuid":"a48776fc-6f9b-4473-b0ab-a836beace2e3","configType":"workbench"},{"meta":{"refUuid":"c6f8dc19-8c43-456d-6530-094770dde37b"},"uuid":"8342a77f-ffd6-4fb6-bf9f-a072d7369426","configType":"workbench"},{"meta":{"refUuid":"5d389b78-0710-4e60-66de-58983754f725"},"uuid":"c0b4ce0d-1314-40fa-8483-e3564098bfe8","configType":"workbench"},{"meta":{"refUuid":"db78aa0a-bd35-4639-78a2-cf5de240cc01"},"uuid":"80025c48-da92-4c2d-b2c2-0d1adda2afd6","configType":"workbench"},{"meta":{"content":"### Disclaimer\n---\n\n*This dashboard and associated content does not provide any investment advice. All data is provided for information purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions. For for details, please refer to our [Terms and Conditions](https://studio.glassnode.com/terms-and-conditions).*"},"uuid":"41c58ddf-2cbf-488f-ae7f-7f407e358f42","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"content":"## Liveliness by Cohort\n\n---\n\nLiveliness is a metric which provides insights into shifts in macro HODLing behaviour, helping to identify trends in long term holder accumulation or spending. It highlights periods where coin days are being destroyed at a rate faster than the global network is accumulating them. This chart presents four variants of Liveliness:\n\n- 🟠 **Liveliness** as the unfiltered variant.\n\n- 🟣 **Entity-Adjusted Liveliness** filtering out internal transfers, and thus reflecting economically meaningful activity.\n\n- 🔵 **Long-Term Holder Liveliness** for coins within the LTH cohort.\n\n- 🔴 **Short-Term Holder Liveliness** for coins within the STH cohort.\n\nEvery day the network will accumulate one coin day per unit of circulating supply. Simultaneously, some of those coin days will be spent and destroyed in transactions, resetting the moved coins lifespan to zero. Liveliness is calculated by taking the ratio of cumulative coin days destroyed to the cumulative sum of all coin days ever accumulated by the network.\n\nLiveliness to vary between a value of 1 for a protocol where every coin is spent at once, and 0 for a protocol where no transaction has taken place. Analysis of metric values between the theoretical extremes of 1 and 0 can generally be considered within the following framework:\n\n- **Liveliness will decrease** when a high proportion of coin supply is dormant (i.e. HODLing behaviour) and the global coin day accumulation outpaces coin days destroyed in on-chain activity.\n\n- **Liveliness will trend sideways** where coin days destroyed are equal to the coin days accumulated by the circulating supply.\n\n- **Liveliness will increase** when long term holders begin spending old coins that have accumulated large volumes of coin days that exceed the rate of global coin day accumulation.\n\nFor more information, please refer to [Liveliness of Glassnode Academy](https://academy.glassnode.com/indicators/liveliness/liveliness)."},"uuid":"14929bc7-3cfa-4a37-bd51-17cf414aead2","extra":{"backgroundColor":"#ffffff"},"configType":"content"},{"meta":{"refUuid":"0d69c1b7-0e9b-40c6-7d2a-896f8e1ce17a"},"uuid":"f38afb28-97b5-4c9c-80a1-95fab71646bd","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"refUuid":"7b1ae958-de76-4344-76cb-0f53d476e148"},"uuid":"9e883fcd-8279-4ae1-ae11-712247b40c33","extra":{"zoom":"5y"},"configType":"workbench"},{"meta":{"content":"## Dormancy Spending Ranges\n---\n\nThis chart highlights on the price chart the average age range of spent coins by cohort. It considers the upper and lower bound values of Dormancy, and then shows the area of the price chart associated with this age range.\n\nThis tool can be used to identify the periods of time in the market where the average coin that is being spent today was acquired."},"uuid":"73567572-ea84-4744-af7e-68507ffca95c","extra":{"backgroundColor":"#ffffff"},"configType":"content"}],"layouts":[{"h":8,"i":"fe586dd4-9ddd-4f16-a0f3-201d0b71b76c","w":8,"x":4,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"fb7e4253-ef47-45b9-9621-06da69b40615","w":4,"x":0,"y":0,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"013a47e3-cd92-42af-9cd0-7779b2fc0f5c","w":6,"x":0,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"992fe75d-e267-4021-becc-e4eee48f9fe1","w":6,"x":6,"y":8,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"127600b3-fe6a-42ef-b99a-581a4f72e4e6","w":8,"x":4,"y":22,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"3d4b0ad2-0945-40d7-8148-67b7f1897ae4","w":6,"x":6,"y":30,"minH":1,"minW":3,"moved":false,"static":false},{"h":6,"i":"55b4026e-e439-419a-ac0b-65ad7390f34a","w":6,"x":0,"y":30,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"7c79b048-946d-4f01-a73c-496c58abdd36","w":4,"x":0,"y":22,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"ea9a3342-47fb-42cb-b62c-99542afcfcdf","w":8,"x":4,"y":36,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f69c2a1d-0135-48a0-9f92-1af53c19fdb0","w":4,"x":0,"y":36,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"a95d0cb1-3828-4bb4-a99e-18b6e6974e22","w":12,"x":0,"y":52,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"bccf6db2-a596-4b7d-9668-a301b779e7cd","w":4,"x":0,"y":68,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"a48776fc-6f9b-4473-b0ab-a836beace2e3","w":12,"x":0,"y":14,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"8342a77f-ffd6-4fb6-bf9f-a072d7369426","w":8,"x":4,"y":68,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"c0b4ce0d-1314-40fa-8483-e3564098bfe8","w":12,"x":0,"y":76,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"80025c48-da92-4c2d-b2c2-0d1adda2afd6","w":12,"x":0,"y":84,"minH":1,"minW":3,"moved":false,"static":false},{"h":4,"i":"41c58ddf-2cbf-488f-ae7f-7f407e358f42","w":12,"x":0,"y":92,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"14929bc7-3cfa-4a37-bd51-17cf414aead2","w":4,"x":0,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"f38afb28-97b5-4c9c-80a1-95fab71646bd","w":8,"x":4,"y":60,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"9e883fcd-8279-4ae1-ae11-712247b40c33","w":8,"x":4,"y":44,"minH":1,"minW":3,"moved":false,"static":false},{"h":8,"i":"73567572-ea84-4744-af7e-68507ffca95c","w":4,"x":0,"y":44,"minH":1,"minW":3,"moved":false,"static":false}]}}