Definition. This chart shows the two complementary state variables of the Cointime Economics framework — Liveliness 🔵 and Vaultedness 🟡 — alongside price (grey). Liveliness was first introduced in 2018 by Tamás Blummer as a measure of how active a blockchain network is (cumulative cointime destruction) relative to its aggregate age and size (cumulative cointime creation). Vaultedness, established within the Cointime Economics framework, is its opposite, describing the relative inactivity of the network.

Technical. Both are ratios of the all-time cumulative coinblock aggregates, and sum to 1 by construction:

• 🔵 Liveliness = cumsum(Coinblocks Destroyed) / cumsum(Coinblocks Created)
• 🟡 Vaultedness = cumsum(Coinblocks Stored) / cumsum(Coinblocks Created) = 1 - Liveliness

Interpretation. Liveliness moves between an extreme of 0, where no coin has ever been spent, and is asymptotic to 1, reachable only in the theoretical case where every coin in the supply is spent in a single block. Sustained uptrends indicate that cointime destruction outpaces creation — older coins being spent, typical of bull markets and distribution phases — while downtrends indicate dominant coinblock storage, typical of accumulation and HODLing-heavy regimes. Vaultedness reads inversely, tracking the relative coinblock storage within the network.

Notes. Built from Liveliness. These two state variables partition the supply into the Active and Vaulted Supply regions; their ratio is charted as the Activity-to-Vaulting Ratio. 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).