Dormancy
The average age of coins moved in a transaction — a lens on whether old or new coins are driving activity.
Dormancy measures the average age (in coin days) of the coins being spent, normalizing coin days destroyed by transaction volume. High dormancy means older coins are moving; low dormancy means activity is dominated by recently-acquired coins changing hands.
Rising dormancy can flag long-term holders beginning to distribute — a potential late-cycle warning — while low, stable dormancy suggests speculation among newer coins. It’s a refinement in the family of age-based on-chain metrics that only transparent, UTXO-based ledgers make possible, and it feeds derived indicators of holder conviction and supply maturity.