Liveliness
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Liveliness divides cumulative Coin Days Destroyed by cumulative coin days created across Bitcoin's history. Each unspent BTC creates one coin day per day; spending destroys its accumulated age, yielding a unitless ratio on a zero-to-one scale.
How to read it
A rising line means the rate of age destruction is high enough to lift the cumulative ratio, while a falling line means unspent age is accumulating more strongly. In 2022 the ratio declined from a yearly high near 0.6172 on February 1 to a low near 0.6061 on November 1. This describes a shift toward holding in coin-age terms rather than a count of new holders.
Because the measure uses the full history, its level changes slowly and its slope is often more informative. Internal wallet moves destroy age without a sale, and permanently lost coins keep adding unspent age. A reading of 0.6 does not mean 60% of supply traded today.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
FAQ
Can Liveliness fall even though transactions continue?
Yes. Coin days are continually created by unspent supply. The cumulative ratio falls when current age destruction is too small relative to that ongoing creation to maintain its previous level.
How is Liveliness used to estimate Hodled or Lost Coins?
The estimate multiplies circulating supply by one minus Liveliness. It expresses aggregate inactivity as a BTC-equivalent amount, without proving which coins are lost.
What was the highest Liveliness in this history?
The supplied series reached about 0.6410 on December 20, 2025. That is a cumulative age ratio, not a percentage of holders who sold or a fixed upper threshold for future observations.
