Definition. Coinday destruction can be considered a form of both time- and volume-weighted 'spent volume'. From this lens, this chart constructs entity-adjusted NVT and RVT oscillators which compare the value held within the coin supply against the corresponding value of Entity-Adjusted Coin Days Destroyed: the CDD-NVT (orange) and CDD-RVT (dark brown), plotted over price (grey).

Technical. Both oscillators normalize a 90-day sum of USD-denominated, entity-adjusted coinday destruction:

• Coinday NVT = Market Cap / sum(EA-CDD x Price, 90) (orange)
• Coinday RVT = Entity-Adjusted Realized Cap / sum(EA-CDD x Price, 90) (dark brown)

Entity-adjustment discounts coindays destroyed by transfers between addresses of the same entity, so only economically meaningful destruction is counted.

Interpretation. Generally speaking, NVT and RVT Ratios can be interpreted within the following framework:

• High values and uptrends indicate that CDD volumes are declining relative to the value of the supply region, indicating a potential slow-down in network utilization.

• Low values and downtrends indicate that CDD volumes are increasing relative to the value of the supply region, indicating potential growth in network utilization.

• Stable sideways values indicate that CDD volumes are in equilibrium with the value of the supply region, indicating the current trend is likely sustainable and in equilibrium.

The entity-adjusted inputs make this variant less sensitive to internal wallet management (exchange shuffles, self-transfers of dormant coins) than the raw version, at the cost of relying on entity clustering heuristics.

Notes. Built from Entity-Adjusted CDD and the Entity-Adjusted Realized Cap. See also the unadjusted Coinday NVT and RVT Ratio and its Long-Term Holder and Short-Term Holder cohort versions.