Entity-Adjusted Long-Term Holder Dormancy

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Entity-Adjusted Long-Term Holder Dormancy divides coin days destroyed attributed to the long-term holder cohort by its corresponding transferred BTC volume, after filtering recognized internal transfers. It is an amount-weighted lifespan in days, using a cohort convention centered around 155 days.

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An increase points to older holdings contributing more heavily to the cohort's transfers, while a decrease means relatively younger long-term holdings are moving. The series recorded about 3,145 days on July 21, 2022, then 290.9 the next day, illustrating how sharply the age mix or transfer denominator can change.

The early data contains an impossible value of about 1.41 million days on August 3, 2010, exceeding the network's age and requiring a data-quality check. Early sub-threshold values also should not be read as literal long-term holding periods; cohort weighting, sparse flows and inferred ownership limit interpretation.