Dashboard/Lab/Dormancy Flow

Dormancy Flow

CDD / Dormancy

Dormancy adjusted by market cap. Identifies when old money moves relative to market size.

Current Value

122478.1900

As of

2026-10-16

Z-Score

—

Signal

No threshold

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Methodology

Open, reproducible — computed from our own archive node

Definition

Dormancy Flow — market cap divided by the annualized USD value of coin-days destroyed. A long-horizon valuation oscillator.

Formula

dormancy_flow = market_cap / (365 × rolling₉₀_mean(price × CDD))

How we compute it

The denominator is the 90-day rolling mean of USD value-days-destroyed (price × CDD), annualized by ×365. Numerator and denominator are both in USD, so the ratio is unitless. NaN-safe division (no /1 substitution).

Provenance · Every on-chain metric traces back to our own self-hosted Bitcoin archive node — no third-party data vendor sits in the path. We extract the full UTXO lifecycle (each output's creation height/time, value, and the height/time it was later spent), join it against an independent USD price oracle, and roll it up into daily aggregates. The metric formulas are pure functions over those aggregates (src/pipeline/formulas.py), so any value on this page can be reproduced from the published daily archive.

Interpretation

Low dormancy flow has historically coincided with cycle bottoms (market cap is cheap relative to the dollar-value of old coins moving). High values accompany euphoric tops.

LowUndervalued (historical bottoms)
HighOvervalued (top risk)

Caveats & limitations

  • ·This is the FIXED definition. The legacy series divided market cap by raw rolling CDD (coin-days), which is dimensionally inconsistent (USD ÷ coin-days) and used a /1 denominator hack — historical values pre-fix are not directly comparable.

References

Glassnode Academy, "Dormancy Flow"

Data points: 5,904 rows, 2010-08-18 to 2026-10-16Open in Lab →

Current Dormancy Flow reading

As of 2026-10-16, Bitcoin’s Dormancy Flow is 122,478.2, compared with 133,682.2 one year earlier (2025-10-16). The series has 5,904 daily readings from 2010-08-18 to 2026-10-16, computed from our own full-archive Bitcoin node and refreshed every day.

Historical extremes

The highest Dormancy Flow on record is 204,090 on 2026-05-14; the lowest is 0.215 on 2010-10-05. Readings near either end of that range have historically coincided with cycle turning points — use the chart above to see where today sits relative to past extremes.

Read it with

  • CDD — Coin Days Destroyed — coins × days held before spending.
  • CDD 90d Avg — 90-day moving average of CDD.
  • Binary CDD — 1 when CDD exceeds its long-term average, 0 otherwise.
  • Supply-Adj CDD — CDD adjusted for circulating supply.
  • CDD per Output — Average coin-days destroyed per spent output.

Data & method

Source: computed from raw UTXO data on OnChainLab’s own Bitcoin node — no third-party data vendor. Category: CDD / Dormancy. Last updated 2026-10-16. The full series is free to download as JSON or as part of the full daily CSV, and the published dataset is cryptographically committed — you can verify it yourself. Browse all metrics.