CoinDays
Tech spec
| Field | Value |
|---|---|
| API name (slug) | coindays |
| Group | utxo coindays |
| Unit / Valuetype | coindays / other |
| Shape | scalar |
| Resolutions | block, h1, h4, h8, h12, d1 |
| Endpoints | /v2/utxo_coindays |
| Tier | 0 |
| Last updated | 2025-08-20 17:36 UTC |
| Docs | Open in Swagger |
Brief Description: Aggregate Coin Days of Bitcoin held by Short-Term Holders (STH) for less than 155 days.
CoinDays measures the total Coin Days accumulated by Bitcoin held by Short-Term Holders, offering insights into their behavior and market influence.
Metric variants
- _lth: CoinDays restricted to Long-Term Holders (age ≥ 155 days).
- _sth: CoinDays restricted to Short-Term Holders (age < 155 days).
Interpretation Analyzing CoinDays provides insights into the behavior and sentiment of market participants. This metric is particularly useful in assessing the selling pressure and potential shifts in market dynamics. A rapidly increasing CoinDays could be a very early bullish sign that investors are holding onto their Bitcoin and reducing market supply. Conversely, a declining CoinDays indicates that these Short Term Holders are spending their Bitcoin, increasing the available supply, often correlating with bearish sentiment or profit-taking moments.
Advanced Explanation One coinday is an on-chain metric describing an UTXO (a coin) by combining its age and bitcoin value. One unspent Bitcoin adds 1 coinday for each day it remains unspent; upon being spent, these coin days are reset to zero.
The CoinDays considers only UTXO held for less than 155 days.
CoinDays = Σ(UTXO_bitcoin_amount * UTXO_age), for STH
Where:
- UTXO_bitcoin_amount represents the quantity of Bitcoin held by Short Term Holders.
- UTXO_age is the number of days each Bitcoin has been held without being moved or spent.