Liveliness
Compares, across the whole history of Bitcoin, how much of the supply's accumulated "age" has been spent versus saved — a gauge of whether aggregate behavior looks more like saving or spending.
Why it matters
It rises when old coins move more than usual; it falls when holders accumulate faster than they spend. It's a whole-history thermometer, not a short-term signal.
Build it yourself
Liveliness and Vaultedness mirror each other — move them up or down and check they always add up to 1.
Liveliness = Coin-days destroyed ÷ Coin-days created
Liveliness
Vaultedness (= 1 − Liveliness):
Illustrative example numbers for practice — not real data.
How it's calculated, step by step
- Cumulative coin-days destroyed = the running total of daily CDD (see the CDD indicator above).
- Cumulative coin-days created = every day, all existing circulating supply accumulates one more day of "age", whether it moves or not — circulating supply (market cap ÷ price) is integrated day by day.
- Liveliness = cumulative coin-days destroyed ÷ cumulative coin-days created.
Descriptive.
Originally proposed by Tamás Blummer (2018); the "Cointime Economics" framework by James Check (Glassnode) and David Puell (ARK Invest), August 2023, reformalized it in terms of "coinblocks" created and destroyed — the formula here is checked against that public definition. It's a slow, whole-history indicator, not a short-term one.
Chart
This is real Bitcoin data, computed from the blockchain — not the illustrative example above.
Data last updated on 2026-09-09.