MVOCD (Median Value of a Coin Day Destroyed) reports what the coin time currently being spent is typically worth, dressed up in the units of a price so it can be drawn straight onto the same chart as the market. Which side of the market it falls on is the entire point.

That single comparison carves the record into two states. Spending that happens underneath the market adds to the stockpile of resolve the HODL Bank tracks. Spending above it draws that stockpile down.

What it actually measures

When dormant coin moves, the time it accumulated is released at whatever the market is paying. This view reports the typical value attached to that released time, taking a middle reading rather than an average so that one enormous movement cannot set the level.

Because it comes out shaped like a price, it can share an axis with spot. That is unusual on this dashboard, where most readings only mean something against their own history, and it is what makes the crossover legible at a glance.

Most on-chain measures are trapped inside their own past, so you can say whether today is high or low for that metric and very little else. A line shaped like a price escapes that, because spot supplies a reference the metric did not choose for itself.

The crossover is the metric, and one day is not

A single print either side of spot is noise. Coin moves for all sorts of reasons, and any given day can land on the wrong side of the line without anything having changed.

A sustained run is a regime. The view reports how long the current run has lasted for exactly that reason, and the length of the streak carries more than the size of the gap. A brief crossing that reverses is a different event from one that holds for weeks.

What it does not tell you

It cannot speak to how much coin time is being destroyed, only what the typical destroyed unit was worth. A quiet market and a busy one can print the same reading.

The middle reading that protects it from one large holder also blunts it. A genuine but concentrated awakening at an extreme price will barely move the line, which is the price paid for a level that does not lurch.

It is also one input to a larger relationship rather than a verdict on its own. Reserve Risk and the HODL Bank are built on the same behaviour, so a crossover here should show up there too, and one that does not is worth checking before it is acted on.

How to read it

Bank filling. The value being destroyed sits under spot, so holder conviction is accumulating.

Bank draining. What is changing hands is dearer than the market, so the stockpile of resolve is being drawn down.

Look for MVOCD on the Dormancy dashboard, beside HODL Bank, Reserve Risk and Dormancy Flow.

Common questions

What does MVOCD read?

What the coin time currently being spent is typically worth, dressed in the units of a price so it can be drawn onto the same chart as the market.

What changes when the two lines cross?

Because it separates two regimes. Destruction below spot builds the HODL Bank and destruction above spot drains it, and the crossing is the moment that flips.

How should a long streak be read?

By how long it lasts. One session on either side of the market is noise; a run of them is a state of affairs.

Does it show how much is being spent?

No. It reports what the typical destroyed unit was worth, so a quiet market can print the same reading as a busy one.

Why a middle reading rather than an average?

So that one enormous movement cannot set the level. The cost is that a concentrated awakening barely registers.