Dormancy flow — Bitcoin onchain, per block

A high value means the price has run far ahead of the past year of holder behaviour: a lot of market value against not much old coin actually moving. Its lows are where the last cycle bottoms were.

DefinitionMarket cap / (365 x the trailing-year mean of price x coin-days destroyed). Admitted to the cycle ribbon 2026-08-05; its highest correlation with any other row is 0.79.

LimitProvisional: our normalisation is reconstructed and the units do not reduce to a pure ratio, so only the shape is charted, never the level. Nobody publishes an exact form for this, so it cannot be checked against anyone else's chart.

Unitratio

Reconstructed or not yet settled. The shape is usable, the exact level is not.

Also filed under

Are old coins moving Are coins that sat still for years waking up and changing hands?
Cycle position Where in the cycle are we, on the fifteen indicators the dashboard ranks?
Reserve risk price against the conviction of long-term holders
Coin-days destroyed how much dormant time was spent
Coin-days destroyed per coin dormant time spent, scaled to the size of the supply
Dormancy the average age of the coins being spent
Liveliness the share of bitcoin's holding time that has been spent
SLRV young coins moving against year-old coins moving
Long-term holder spent volume bitcoin moved after sitting more than five months

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