Dormancy
the average age of the coins being spent
A high value means the coins being moved are old ones, so people who held for years are handing them to someone else; a low value means only recently bought coins are changing hands.
DefinitionValue-weighted mean age, in days, of the coins spent in a block. An intensity, not a running total, and empty in blocks where nothing was spent. Age is real elapsed time off a monotonised block clock (the running maximum of block timestamps), not blocks divided by 144.
LimitOne very old coin moving can dominate a whole block, and old coins also move in panics, so this reads hot at capitulations as well as at tops.