Dormancy_raw
Tech spec
| Field | Value |
|---|---|
| API name (slug) | dormancy_raw |
| Group | utxo dormancy |
| Unit / Valuetype | other / other |
| Shape | scalar |
| Resolutions | block, h1, h4, h8, h12, d1 |
| Endpoints | /v2/utxo_dormancy |
| Tier | 0 |
| Last updated | 2025-08-20 17:37 UTC |
| Docs | Open in Swagger |
Brief Description: Average number of Coin Days destroyed per Bitcoin transaction over a specified day.
Dormancy_raw measures the average age of coins being spent in Bitcoin transactions by calculating the average Coin Days Destroyed (CDD) per transaction for a given day.
Interpretation This metric serves as an indicator of the spending behavior and holding periods of Bitcoin investors. The Dormancy_raw can provide insights into market sentiment; a high value suggests long-held coins are moving, possibly indicating a shift in market behavior.
Advanced Explanation
The technical aspect of Dormancy_raw involves understanding the concept of coindays destroyed.
When a bitcoin is moved after being held for a period, the accumulated "coindays" are reset.
One coin day is equivalent to holding one bitcoin for one day.
The Dormancy_raw is calculated by summing the coin days destroyed on a certain day and dividing by the total number of transactions on that day.
Dormancy_raw = ∑(CoinDaysDestroyed) / UTXO_N
where
- CoinDaysDestroyed is the sum of all coindays destroyed, for a particular day
- UTXO_N is the total count of all spent UTXOs that day.