Coin-days destroyed
how much dormant time was spent
A high value means a lot of long-held coins moved at once. That happens near tops, but it also happens when frightened holders finally give up, so this alone never tells you which.
DefinitionCoin-days destroyed as a per-block flow: for each coin spent, its size times the days it sat still. The cumulative total is monotone and was rejected outright. Age is real elapsed time off a monotonised block clock (the running maximum of block timestamps), not blocks divided by 144.
LimitThe weakest row on the cycle dashboard, and our own admission audit fails it: it averages the 68th percentile rather than the 50th, sits pinned near an extreme 24% of the time, and drifts with time at a correlation of -0.44. It missed three of the four cycle bottoms because a capitulation and a top look the same to it. The ARK paper writes this quantity in COINBLOCKS rather than coin-days; the two agree at a correlation of 0.999 and only the coin-days form is published here.