Bitcoin Dormancy Flow

Understanding Dormancy Flow

The Dormancy Flow chart divides Bitcoin's circulating supply by its trailing 24 hour dormancy. Dormancy is the average age, in days, of the bitcoin moved on-chain. Larger values correspond to younger average spent coins relative to the size of the supply.

How to Read It

Because supply is the numerator, the line rises when the coins moved are young and falls when long-held coins are spent. It combines supply and spending age in one number, so read it over longer windows rather than day to day. The value is zero on a day when dormancy is zero.