Definition. This chart tracks the momentum of Entity-Adjusted Dormancy — the average number of coindays destroyed per coin moved, counting only economically meaningful transfers — by comparing its quarterly average (pink) against its yearly average (teal), plotted over the raw daily series (faint orange) and price (grey). Periods of positive momentum are shaded as yellow columns.

Technical. Entity-adjusted dormancy excludes transfers internal to a single entity (e.g. exchange wallet shuffles), so the average spent-coin age reflects genuine changes of ownership. The momentum traces and regime band are:

• Quarterly Average = sma(Entity-Adjusted Dormancy, 90) (pink)
• Yearly Average = sma(Entity-Adjusted Dormancy, 365) (teal)
• Positive Momentum = 1 when the 90D average is above the 365D average (yellow columns)

Interpretation. Due to intraday volatility in on-chain activity metrics, the absolute value of dormancy on any given day can be uninformative. Comparing its magnitude and trend on a quarterly and yearly basis is much more informative — the crossovers underline relative shifts in the age of coins genuinely changing hands:

• 90D > 365D indicates an expansion in dormancy: the average coin changing ownership is getting older — typical of distribution and profit-taking by longer-term investors.

• 90D < 365D indicates a contraction in dormancy: turnover is dominated by young coins while aged supply remains dormant — typical of HODLing-dominated, accumulation-oriented regimes.

Notes. This momentum framework was first featured by Glassnode in The Week On-chain newsletter (Week 34, 2022 and Week 43, 2022). Built from Entity-Adjusted Dormancy. The unadjusted variant is at Lifespan Dormancy Momentum.