SOAB说白了，就是每天的spent output里面的utxo有的是新的，有的是旧的，每个时间阶段都有一个他的占比。全部加起来就是100%。一些老币开始卖了就说明一些问题。 ASOL (Average Spent Output Lifespan) is the average lifespan (in days) of all spent transaction outputs.High indicator values occur when a large proportion of old coins are on the move, potentially realising profits, taking advantage of market strength, or have reduced conviction to hold the asset.Low indicator values occur when day-to-day, young coins dominate network traffic, older transaction outputs re...

SOAB说白了，就是每天的spent output里面的utxo有的是新的，有的是旧的，每个时间阶段都有一个他的占比。全部加起来就是100%。一些老币开始卖了就说明一些问题。 ASOL (Average Spent Output Lifespan) is the average lifespan (in days) of all spent transaction outputs.High indicator values occur when a large proportion of old coins are on the move, potentially realising profits, taking advantage of market strength, or have reduced conviction to hold the asset.Low indicator values occur when day-to-day, young coins dominate network traffic, older transaction outputs re...

Stock to Flow Ratio The Stock to Flow (S/F) Ratio is a popular model that assumes that scarcity drives value. It is defined as the ratio of the current stock of a commodity and the flow of new production, and is applied across many asset classes. Bitcoin's price has historically followed the S/F Ratio, making it a popular model for predicting future Bitcoin valuations. Stock to Flow is defined as the ratio of the current stock of a commodity (i.e. circulating Bitcoin supply) and the flow...

Stock to Flow Ratio The Stock to Flow (S/F) Ratio is a popular model that assumes that scarcity drives value. It is defined as the ratio of the current stock of a commodity and the flow of new production, and is applied across many asset classes. Bitcoin's price has historically followed the S/F Ratio, making it a popular model for predicting future Bitcoin valuations. Stock to Flow is defined as the ratio of the current stock of a commodity (i.e. circulating Bitcoin supply) and the flow...

NVT Network Value to Transactions (NVT) Ratio describes the relationship between market cap and transfer volume. Per Willy Woo, its creator, NVT can be considered analogous to the PE (price to earnings) Ratio used in equity markets. Another viewpoint for NVT is that it is the inverse of monetary velocity, comparing two of Bitcoin's primary value propositions:Store of Value: Market CapSettlement/Payments Network: Transfer VolumeVia the NVT Ratio, users can witness the relative balance bet...

NVT Network Value to Transactions (NVT) Ratio describes the relationship between market cap and transfer volume. Per Willy Woo, its creator, NVT can be considered analogous to the PE (price to earnings) Ratio used in equity markets. Another viewpoint for NVT is that it is the inverse of monetary velocity, comparing two of Bitcoin's primary value propositions:Store of Value: Market CapSettlement/Payments Network: Transfer VolumeVia the NVT Ratio, users can witness the relative balance bet...

Dormancy Average Coin Dormancy is calculated by dividing the number of coin days destroyed in a given day by the on-chain volume of that day.Supply-Adjusted Dormancy Supply-Adjusted Dormancy simply divides Average Coin Dormancy by the circulating supply (total amount of coins issued).

Dormancy Average Coin Dormancy is calculated by dividing the number of coin days destroyed in a given day by the on-chain volume of that day.Supply-Adjusted Dormancy Supply-Adjusted Dormancy simply divides Average Coin Dormancy by the circulating supply (total amount of coins issued).

Liveness Liveliness 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.Liveliness is powerful tool for identification of market cycles. Under the assumption that smart money HODLers accumulate cheap coins and sell expensive coins, we can use the overall trend of liveliness to as...

Liveness Liveliness 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.Liveliness is powerful tool for identification of market cycles. Under the assumption that smart money HODLers accumulate cheap coins and sell expensive coins, we can use the overall trend of liveliness to as...

CDD (Coin Days Destroyed) Coin Days Destroyed is a measure of economic activity which gives more weight to coins which haven't been spent for a long time. For example:A UTXO for 2 BTC that is dormant for 100-days has accumulated 200 coin days.A UTXO for 0.5 BTC that is dormant for 100-days has accumulated 50 coin days.A UTXO for 10 BTC that is dormant for 6-hours (0.25-days) has accumulated 2.5 coin days.CDD is a valuable tool for observing the spending behaviour of long term holders and...

CDD (Coin Days Destroyed) Coin Days Destroyed is a measure of economic activity which gives more weight to coins which haven't been spent for a long time. For example:A UTXO for 2 BTC that is dormant for 100-days has accumulated 200 coin days.A UTXO for 0.5 BTC that is dormant for 100-days has accumulated 50 coin days.A UTXO for 10 BTC that is dormant for 6-hours (0.25-days) has accumulated 2.5 coin days.CDD is a valuable tool for observing the spending behaviour of long term holders and...

HODL Waves HODL Waves present a macro view of the age distribution of the coin supply and provides insight into changes to this age distribution arising from holding and spending behaviour. The metric bundles the coin supply into categories depending on age, and presents it in colour bands with a thickness proportional to the total coin supply.Young CoinsThe chart below presents a view where all coins older than 6 months are turned off making the proportion of young, recently moved coins stan...

HODL Waves HODL Waves present a macro view of the age distribution of the coin supply and provides insight into changes to this age distribution arising from holding and spending behaviour. The metric bundles the coin supply into categories depending on age, and presents it in colour bands with a thickness proportional to the total coin supply.Young CoinsThe chart below presents a view where all coins older than 6 months are turned off making the proportion of young, recently moved coins stan...

Supply Held by Long and Short-Term Holders A general framework for considering LTH and STH supply is as follows:Long-Term Holders keep possession of their coins for periods of time spanning several months to years. We consider an approximate threshold of a 155-day holding period, after which dormant coins becoming increasingly unlikely to be spent.Short-Term Holders are newer market entrants, active traders, and "weak hands" that a more likely to exit positions in response to market volatilit...

Supply Held by Long and Short-Term Holders A general framework for considering LTH and STH supply is as follows:Long-Term Holders keep possession of their coins for periods of time spanning several months to years. We consider an approximate threshold of a 155-day holding period, after which dormant coins becoming increasingly unlikely to be spent.Short-Term Holders are newer market entrants, active traders, and "weak hands" that a more likely to exit positions in response to market volatilit...

Realized Cap HODL Waves is a variant of HODL Waves that weighs active supply bands by their realized USD value (economic weight) as a proportion of the Realized Cap. The distinction between HODL waves and Realized Cap HODL waves may be though of as follows:HODL waves consider the relative proportion of BTC supply in various age brackets to the circulating BTC supply.A 1y-2y age bracket with a value of 5% indicates that 5% of all coins are aged between 1y and 2y.Realized Cap HODL waves conside...

Realized Cap HODL Waves is a variant of HODL Waves that weighs active supply bands by their realized USD value (economic weight) as a proportion of the Realized Cap. The distinction between HODL waves and Realized Cap HODL waves may be though of as follows:HODL waves consider the relative proportion of BTC supply in various age brackets to the circulating BTC supply.A 1y-2y age bracket with a value of 5% indicates that 5% of all coins are aged between 1y and 2y.Realized Cap HODL waves conside...

URPD (UTXO Realized Price Distribution) UTXO Realized Price Distribution (URPD) shows at which prices the current set of Bitcoin UTXOs were created (i.e. each bar shows the amount of existing bitcoins that last moved within that specified price bucket). The price specified on the x-axis refers to the lower bound of that bucket.SOPD (Spent Output Price Distribution) Spent Output Price Distribution (SOPD) shows the volume of coins moved on-chain on any given day, and at which prices the movemen...

URPD (UTXO Realized Price Distribution) UTXO Realized Price Distribution (URPD) shows at which prices the current set of Bitcoin UTXOs were created (i.e. each bar shows the amount of existing bitcoins that last moved within that specified price bucket). The price specified on the x-axis refers to the lower bound of that bucket.SOPD (Spent Output Price Distribution) Spent Output Price Distribution (SOPD) shows the volume of coins moved on-chain on any given day, and at which prices the movemen...

Velocity is a measure of how quickly units are circulating in the network, and is calculated by dividing the on-chain transaction volume (in USD) by the market cap (i.e. the inverse of the NVT Ratio).

Velocity is a measure of how quickly units are circulating in the network, and is calculated by dividing the on-chain transaction volume (in USD) by the market cap (i.e. the inverse of the NVT Ratio).

The Accumulation Trend Score is an indicator which reflects the relative size of entities that are actively accumulating/distributing coins on-chain in terms of their BTC holdings. The scale of the Accumulation Trend Score represents both the size of the entities balance (their participation score), and the amount of new coins they have acquired/sold over the last month (their balance change score). An Accumulation Trend Score of closer to 1 indicates that on aggregate, larger entities (or a ...

The Accumulation Trend Score is an indicator which reflects the relative size of entities that are actively accumulating/distributing coins on-chain in terms of their BTC holdings. The scale of the Accumulation Trend Score represents both the size of the entities balance (their participation score), and the amount of new coins they have acquired/sold over the last month (their balance change score). An Accumulation Trend Score of closer to 1 indicates that on aggregate, larger entities (or a ...