This on-chain revelation is based on the Coin Days Destroyed (CDD) Multiple Metric, which measures the intensity of coin spending in relation to historical averages.
As explained by the firm, the metric calculates how many “coin days” are destroyed when old coins are moved. In other words, it looks at when long-term holders decide to spend their coins, thereby tracking a shift in the Bitcoin LTH activity.
As pointed out by Alphractal, members of this investor class have continued to move their old coins, but the pace of their sales has dropped significantly. Compared to 2024, the movement of Bitcoin long-term holders in the market has been slow over the past few months. Ultimately, this dip in CDD Multiple also signals reduced selling pressure from Bitcoin’s seasoned investors.
“This decline in coin day destruction activity suggests that many experienced investors are choosing to hold their positions, waiting for stronger market moves,” the analytics firm said.
Historically, this type of behavior among the cryptocurrency’s earliest holders has preceded periods of accumulation, where the confidence of these investors offers stability in the market, preventing further decline in price.
At the time of writing, Bitcoin is worth about $109,630, reflecting no significant movement in the past 24 hours.
