Bitcoin 90-Day CDD Hits All-Time Low, What Does It Say About Market?
27 September 2022 - 09:00PM
NEWSBTC
Data shows the Bitcoin 90-day Coin Days Destroyed metric has hit an
all-time low, here’s what it says about investors in the BTC
market. Bitcoin 90-Day CDD Has Recently Plunged To A New All-Time
Low As per the latest weekly report from Glassnode, 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. 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
“destroyed.” Related Reading: Bitcoin Active Addresses Stay Low, A
Hint That Demand Isn’t There Yet 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: Glassnode's The Week Onchain - Week 39, 2022 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. Related Reading:
Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD
September 26, 2022 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. From the graph, it’s 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. 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. 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: BTCUSD on TradingView Featured image from Bastian
Riccardi on Unsplash.com, charts from TradingView.com,
Glassnode.com
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