Coin Days Destroyed

Coin Days Destroyed (CDD) is an on-chain metric that tracks the number of coins that have moved on the Bitcoin blockchain, weighted by how long they have been held. The 90-day moving average of CDD is used to smooth fluctuations and identify trends in coin movements over time.

Interpretation

CDD calculates the number of coin days destroyed when Bitcoin that hasn't moved for a long period is spent or transferred. A spike in CDD indicates a large movement of older coins, which can signify a change in market sentiment, often linked to significant market changes or significant investor activity.

Key Insights

  • CDD tracks coin movement weighted by how long they have been held, offering insight into investor behavior
  • The 90DMA of CDD smooths daily fluctuations, helping identify trends in long-term Bitcoin holders moving their coins
  • Spikes in CDD can indicate significant market events or a shift in investor sentiment, particularly when long-held coins are spent

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    Coin Days Destroyed - Apollo Analytics | Apollo Analytic