Data shows the Bitcoin 90-day Coin Days Destroyed metric has hit an all-time low, here\u2019s what it says about investors in the BTC market.<\/p>\n
Bitcoin 90-Day CDD Has Recently Plunged To A New All-Time Low<\/p>\n
As per the latest weekly report from Glassnode<\/a>, old BTC supply is more dormant right now than it has ever been during the history of the crypto.<\/p>\n A \u201ccoin day\u201d 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.<\/p>\n When any of these coins with some accumulated coin days make some movement, their coin days naturally reset back to zero, and are said to have been \u201cdestroyed.\u201d<\/p>\n The \u201cCoin Days Destroyed<\/a>\u201d (CDD) indicator measures how many coin days are being destroyed in this way every day across the entire BTC network.<\/p>\n Now, here is a chart that shows the trend in the Bitcoin CDD over the history of the crypto:<\/p>\n\n The value of the metric seems to have gone down in recent days | Source: Glassnode’s The Week Onchain – Week 39, 2022<\/a><\/p>\n 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.<\/p>\n Since the long-term holders<\/a> 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.<\/p>\n The report notes that the 90-day version of the indicator can help us know about periods of high and low selling pressure from these hodlers.<\/p>\n From the graph, it\u2019s apparent that the Bitcoin CDD has recently set a new all-time low, suggesting that old supply is right now the most dormant it has ever been.<\/p>\n This implies that the latest investor behavior in the BTC market has been that of extreme hodling at levels not observed during any of the previous cycles.<\/p>\n BTC Price<\/p>\n At the time of writing, Bitcoin\u2019s price<\/a> floats around $20.3k, up 7% in the last week. Over the past month, the crypto has gained 1% in value.<\/p>\n The below chart shows the trend in the price of the coin over the last five days.<\/p>\n\n Looks like the value of the crypto has surged up over the past twenty-four hours | Source: BTCUSD on TradingView<\/a> <\/p>\n Data shows the Bitcoin 90-day Coin Days Destroyed metric has hit an all-time low, here\u2019s what it says about investors in the BTC market.<\/p>\n Bitcoin 90-Day CDD Has Recently Plunged To A New All-Time Low<\/p>\n As per the latest weekly report from Glassnode<\/a>, old BTC supply is more dormant right now than it has ever been during the history of the crypto.<\/p>\n A \u201ccoin day\u201d 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.<\/p>\n When any of these coins with some accumulated coin days make some movement, their coin days naturally reset back to zero, and are said to have been \u201cdestroyed.\u201d<\/p>\n The \u201cCoin Days Destroyed<\/a>\u201d (CDD) indicator measures how many coin days are being destroyed in this way every day across the entire BTC network.<\/p>\n Now, here is a chart that shows the trend in the Bitcoin CDD over the history of the crypto:<\/p>\n The value of the metric seems to have gone down in recent days | Source: Glassnode’s The Week Onchain – Week 39, 2022<\/a><\/p>\n 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.<\/p>\n Since the long-term holders<\/a> 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.<\/p>\n The report notes that the 90-day version of the indicator can help us know about periods of high and low selling pressure from these hodlers.<\/p>\n From the graph, it\u2019s apparent that the Bitcoin CDD has recently set a new all-time low, suggesting that old supply is right now the most dormant it has ever been.<\/p>\n This implies that the latest investor behavior in the BTC market has been that of extreme hodling at levels not observed during any of the previous cycles.<\/p>\n BTC Price<\/p>\n
\nFeatured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>","protected":false},"excerpt":{"rendered":"