Dormancy Flow (Market Cap to Annualized Dormancy Value)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Dormancy Flow divides Bitcoin market capitalization by annualized dormancy value expressed in USD. Dormancy starts with Coin Days Destroyed divided by transferred BTC; the annualized valuation step puts that age measure against market size, producing a ratio rather than a BTC balance or holding period.
How to read it
Lower readings mean market cap is smaller relative to annualized dormancy value; higher readings mean it is larger. The 2022 minimum was about 112,095 on June 18, versus roughly 178,419 at the 2018 minimum on December 15. These provide historical low-reading references, not a common floor for all cycles.
The level depends on the annualization and valuation method as well as coin-age activity. Old-wallet transfers can alter the denominator without a sale, and the early series includes dates without an accompanying BTC price, limiting economic comparisons with later years.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Data since
- 2009-01-12
- Latest data
- 2026-10-27
- Data points
- 6,498
FAQ
Why is Dormancy Flow in the hundreds of thousands rather than days?
Average Dormancy is an age in days; Dormancy Flow is a market-cap-to-annualized-value ratio on a different scale. A value of 200,000 is neither 200,000 days nor a BTC price target.
Is a low Dormancy Flow the same as quiet old-coin activity?
No. The ratio can fall when annualized dormancy value rises relative to market cap. Low Average Dormancy instead means the coins being transferred are young on a BTC-weighted basis.
Has the same low threshold held across all years?
No fixed floor follows from this history. For example, the series reached about 72,275 on June 30, 2026, below the 2018 and 2022 annual minima.
