Dormancy is defined by destruction/volume; coin days destroyed divided by the total number of coins transacted on a given day. In other words, dormancy is the average number of days destroyed per coin transacted at any given day. This eliminates the drawback of coin days destroyed, a metric that follows volume to a certain extent. There is an option in the legend to view both the dormancy and adjusted dormancy. Adjusted dormancy subtracts transactions spent within 4 blocks of their expenditure and outputs that are cycled directly back into the originating address. The adjusted dormancy gives clearer signals.
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