평균 사용 출력 수명 (ASOL)

ASOL — Average Spent Output Lifespan — asks one simple question: of all the UTXOs spent today, how many days on average had they sat still since their last move? It belongs to the same coin-age family as Coin Days Destroyed (covered on its own page here), but the weighting is fundamentally different. CDD is volume-weighted — one coin dormant for a decade outweighs a hundred fresh ones — whereas ASOL weights every spent output equally: a 0.1 BTC output and a 100 BTC output of the same age contribute identically. ASOL therefore strips out the money dimension and measures purely the age structure of coins circulating on-chain.

The metric was first formalized by Glassnode: take the mean lifespan of all outputs spent each day, discarding outputs younger than one hour to filter change outputs and relay transactions — precisely the 'holding-period signal with ultra-short-term noise removed' framing. A mean is highly sensitive to old coins: a single ancient UTXO waking up can print a tall one-day spike, which is why Glassnode also publishes MSOL, the median variant, as a robustness check. This site's data comes from bitcoin-data.com, whose implementation (entity adjustment, filtering thresholds) may differ in detail from Glassnode's — compare trends across sites, not levels.

Low and flat: on-chain traffic is dominated by the routine churn of young coins while old holdings sleep — strong holding conviction, typical of accumulation phases and early-to-mid bulls. A rising baseline: progressively older coins are joining the turnover — the market has entered an active redistribution phase. One-day spikes: usually a batch of ancient outputs moving at once. Many past spikes were later traced to exchanges consolidating legacy wallets or whales relocating custody — Glassnode itself publicly attributed a March 2020 ASOL spike to an exchange sweeping aged dust outputs — so a spike is not automatically a sell-off.

Three caveats. First, equal weighting cuts both ways: it resists manipulation by transaction size, but a 0.001 BTC ancient output rings the bell as loudly as a 1,000 BTC one — ASOL cannot tell whether big money or debris is moving, so pair it with volume-weighted CDD. Second, daily readings are noisy; a 7-day or 30-day moving average is the practical way to read the trend. Third, as the protocol ages, total lifespan accumulates in the UTXO set and the metric's floor drifts upward, so absolute comparisons across many years mean little.

Alongside holder behavior, watch short-term leverage via BTC liquidations and funding rates.