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.”
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: BTCUSD on TradingViewFeatured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, Glassnode.com
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