ASOL

Tech spec

Brief Description: Average lifespan of spent UTXOs in the last 24 hours, measured in days.

The ASOL, or Average Spent Output Lifespan, represents the average lifespan of all Unspent Transaction Outputs (UTXOs) that were spent within the last 24 hours, measured in days.

Metric variants

• _non_churn: all spent utxo with a lifespan of less than 1h is excluded from the analysis. It useful to filter out transactions that are not economically meaningful, such as relay transactions and mixer.

Interpretation The measurement provides insights into the long-term versus short-term holding trends within the market.

In market analysis, a high ASOL suggests that longer term holders, who have not moved their bitcoins for a significant time, are starting to sell or trade, potentially implying a changing market sentiment or external economic factors at play. Conversely, a low ASOL indicates that newer coins, possibly held by short-term traders, are predominantly being transacted.

Advanced Explanation ASOL measures the dormancy of bitcoins before they are transacted, reflecting the average time UTXOs remain unspent. This metric treats all UTXOs equally, regardless of their Bitcoin value.

ASOL = ∑(Spent_UTXO_Age) / Spent_UTXO_N,

where
- Spent_UTXO_Age is the age (in days) of each spent UTXO.
- Spent_UTXO_N is the total count of all spent UTXOs that day.