Definition. Concurrent Liveliness is the ratio between cointime destroyed and cointime created at any blockheight, shown as columns (14-day median, red) against price (grey). Where Liveliness is an all-time cumulative state variable, Concurrent Liveliness measures the same balance block by block.

Technical. The ratio is smoothed with a 14-day moving median:

• Concurrent Liveliness = median(Coinblocks Destroyed / Coinblocks Created, 14)

Concurrent Liveliness trades above a value of 1 when coinblock storage is negative, which indicates the network is seeing significant cointime expenditure, and vice-versa.

Interpretation. Concurrent Liveliness can be considered in a similar way to the traditional Coindays Destroyed (CDD) metric, and in fact is synonymous with Supply Adjusted Coindays Destroyed (given CBC each block equals Circulating Supply). It will peak during periods of high expenditure by older, previously dormant coins — characteristic of profit-taking into strength or capitulation under stress — and decline during periods of aggregate long-term accumulation and investor preference for HODLing. Reading it alongside price shows whether spikes in old-coin expenditure occur into rallies (distribution) or into drawdowns (panic spending).

Notes. Built from Coinblocks Created and Coinblocks Destroyed. The cumulative counterpart is charted in Liveliness and Vaultedness, and the incremental change of the cumulative measure in Liveliness Incremental Change. Developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest, with full details available in two formats: an overview primer (Version I published via ARK) and a comprehensive guide for specialists (Version II published via Glassnode).