Bitcoin 90-Day CDD Has Recently Plunged To A New All-Time Low
As per the latest weekly report from , old BTC supply is more dormant right now than it has ever been during the history of the crypto. A “coin day” is defined as the amount accumulated by 1 BTC after sitting still for 1 day. The total coin days on the network, therefore, is a measure of how many days all the coins on the network combined have been stationary for, or more simply, how dormant the Bitcoin circulating supply has been.The “Coin Days Destroyed” (CDD) indicator measures how many coin days are being destroyed in this way every day across the entire BTC network.
Now, here is a chart that shows the trend in the Bitcoin CDD over the history of the crypto:The value of the metric seems to have gone down in recent days | Source:As you can see in the above graph, the version of the Bitcoin CDD shown is actually the 90-day one, which measures the total amount of coin days that were destroyed during the last ninety days.
Since the long-term holders accumulate the most number of coin days in the market, spikes in the CDD can mean these older, and generally more resolute holders, have been spending their coins.
BTC Price
At the time of writing, Bitcoin’s price floats around $20.3k, up 7% in the last week. Over the past month, the crypto has gained 1% in value.
The below chart shows the trend in the price of the coin over the last five days.Looks like the value of the crypto has surged up over the past twenty-four hours | Source:
Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, Glassnode.com