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Vaultedness

CDA / cumCDC ratio — higher values indicate stronger HODLing behavior, lower values indicate more spending of old coins

PropertyValue
CategoryCoin Days
UnitDimensionless
Resolution1d
AssetsBTC
TierBasic
API EndpointGET /v1/coindays
Fieldvaultedness

Overview​

Vaultedness is the complement of Liveliness, measuring the fraction of all coin-days ever created that remain preserved (unspent) in the UTXO set. Introduced alongside Liveliness by Tamas Blummer in 2018, Vaultedness directly quantifies the aggregate HODLing conviction of all Bitcoin participants.

Vaultedness = 1 \u2212 Liveliness. When Vaultedness is high, the vast majority of coin-age is being preserved \u2014 holders are keeping their coins dormant. When Vaultedness drops, old coins are being spent at an increasing rate relative to new coin-day creation.

Formula​

VaultednessT=1−LivelinessT=CDATCDAT+cumCDDT\text{Vaultedness}_T = 1 - \text{Liveliness}_T = \frac{\text{CDA}_T}{\text{CDA}_T + \text{cumCDD}_T}

Where:

  • CDAT\text{CDA}_T is the Coin Days Accumulated (cumulative net coin-days preserved in unspent UTXOs)
  • cumCDDT\text{cumCDD}_T is the cumulative Coin Days Destroyed from genesis to day TT
  • The ratio represents the share of all ever-created coin-days that are still stored in unspent outputs

Interpretation​

  • Rising Vaultedness: Coin-days are being accumulated faster than destroyed \u2014 strong HODLing behavior. Typically seen during bear market accumulation phases
  • Falling Vaultedness: Old coins are being spent at an increasing rate \u2014 distribution phase. Often coincides with bull market tops as long-term holders take profits
  • Vaultedness as "savings rate": Think of it as the network's aggregate savings rate \u2014 what percentage of all generated economic time-value has been saved rather than spent
  • Complementary to Liveliness: Vaultedness + Liveliness = 1. Where Liveliness highlights spending, Vaultedness highlights saving. Both tell the same story from different angles

Use Cases​

  • HODLing conviction measurement: High and rising Vaultedness is the clearest on-chain signal that holders are accumulating and refusing to sell
  • Bear market bottom confirmation: Vaultedness typically peaks near cycle bottoms, when weak hands have capitulated and only diamond hands remain
  • Distribution detection: A sustained decline from peak Vaultedness signals the beginning of a distribution phase \u2014 useful for timing exits
  • Long-term Bitcoin narrative: Secular Vaultedness trends reveal whether Bitcoin is evolving more toward store-of-value (rising) or medium-of-exchange (falling) behavior

API Usage​

curl -H "Authorization: Bearer YOUR_API_KEY" \
  "https://api.blocklens.co/v1/coindays?start_date=2024-01-01&end_date=2024-12-31&limit=365"
  • Liveliness — Cumulative CDD / CDC ratio — higher values indicate more old coins moving, lower values indicate HODLing dominance
  • Coin Days Destroyed — Sum of coin age × amount for all spent UTXOs per day — a fundamental measure of on-chain economic activity
  • Coin Days Accumulated — Running total of all coin-days ever created minus all coin-days ever destroyed — the total stored economic energy in the network
  • Net Coin Days — Coin Days Created minus Coin Days Destroyed — positive means the network is aging (accumulating), negative means old coins are moving