Definition. This chart decomposes Entity-Adjusted Dormancy — the average number of coindays destroyed per coin moved — by holder cohort: the aggregate (orange), Long-Term Holders (blue) and Short-Term Holders (red), plotted with price (black).

Technical. Dormancy is the ratio of coinday destruction to transfer volume, i.e. the average lifespan of the coins spent each day. All three series are entity-adjusted, filtering out transfers internal to a single entity so that only genuine changes of ownership contribute. Cohorts follow the standard 155-day holding threshold separating Long-Term and Short-Term Holders.

Interpretation. Splitting dormancy by cohort separates the age signal from the cohort mix. Short-term holder dormancy is structurally low and stable — their coins are young by definition — so it mainly tracks how quickly recent buyers re-spend. Long-term holder dormancy is where the informative spikes occur: elevated LTH dormancy means the LTH coins being spent are drawn from the especially old end of their holdings, a signature of deep supply being revived. Such episodes have historically clustered around macro inflection points — distribution into market strength, or the capitulation of long-dormant investors. The aggregate trace blends the two and is dominated by whichever cohort supplies the day's volume.

Notes. Built from Entity-Adjusted Dormancy, Entity-Adjusted LTH Dormancy and Entity-Adjusted STH Dormancy. The USD-weighted oscillator built on these series is charted at Dormancy Flow by Cohort, and the CDD-side cohort view at Long- and Short-Term Holder CDD.