Liveliness
the share of bitcoin's holding time that has been spent
Of all the time bitcoin has ever spent sitting in wallets, what fraction has been given up by coins moving. Rising means long-dormant coins are being spent, which is a distribution regime; falling means accumulation is outpacing spending.
DefinitionCumulative coin-days destroyed / cumulative coin-days created. The ARK and Glassnode papers define the framework in coinblocks, but every public series (Open Bitcoin Metrics, checkonchain, ChainExposed) uses coin-days, and this one matches Open Bitcoin Metrics to a median of 0.00013. Coin-days is the only basis published here.
LimitCointime measures are cumulative since genesis, so they move very slowly and stay anchored to early history. They describe a regime, not a trade. Liveliness moved from roughly 0.47 to roughly 0.60 over a decade, so it is a macro-regime instrument and anyone presenting it as a trading signal is misusing it. It was rejected from the cycle ribbon for exactly that reason.