中央値消費アウトプット寿命（MSOL）

MSOL (median spent output lifespan) measures the median number of days that coins spent on a given day had sat unmoved. Compared with ASOL (the mean), the median is not skewed by a small number of very old UTXOs and better reflects typical spending behaviour.

The gap between median and mean is itself informative: both rising together means holders broadly are spending older coins, whereas the mean rising while the median stays flat means a few very old UTXOs moved — possibly early whales or dormant wallets waking — events whose sentiment impact far exceeds their actual sell pressure. MSOL typically rises near cycle tops as long-term holders distribute into strength, making it a cyclical distribution signal, though a clearly lagging one.

Holder-cohort metrics measure how long coins have sat unmoved, separating long-term holder behaviour from short-term trading. They move slowly — useful for reading supply structure, useless for intraday timing.

The live chart for this metric is still being wired up. Other HODL-wave and holder-cohort series already carry real data.