# 活躍度指標｜Liveliness

## 指標概念

活躍度指標可以觀察宏觀 HODLing 行為的變化，追蹤識別長期持有者積累或支出的趨勢。 

我們知道每經過一天，比特幣網路會為每單位供應累積一個幣天數。而一些幣天數將在交易中花費和銷毀，將移動硬幣的壽命重置為零。活躍度指標是將累積的銷毀幣天數與網絡累積的所有幣天數的總和比率來計算的。 

活躍度在0到1之間變化，通常可以在以下框架內考慮活躍度極值 1 和 0 之間的評估分析： 

* 當大部分代幣供應處於休眠狀態（即 HODLing 行為）並且全球幣天數累積超過鏈上銷毀的幣天數時，活躍度將下降。 
* 當長期持有者開始消費積累了大量幣天數超過全球幣天數積累率的舊幣時，活躍度將會增加。 
* 活躍度指標還可用於分配對估計市值的相對權重和信心程度。對於流動性低、採用率低但市值高的資產（通過預挖硬幣或相同單位的交易資產），活躍度將接近於零。

![圖片來源：glassnode](https://lh4.googleusercontent.com/GEkhYaOO9959d0gkElGIYeAAij-nKfC-N1NZfkfUaHtY9Kfpuh81LMK77J28J_t_ygaL8m0p2ceWRckdn3gwQ5nEBkYXbe-Oo3IUkvKWyAj4s9tYGgG_eqY_4D8TbPuE2lM5PJ_A)

## 指標如何衡量、計算？

![](/files/RJ2kFBGbJ4JDlo1HvkI6)


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