Bitcoin (BTC) Rally Anticipated as HODLer Profit-Taking Subsides Following Recent Sell-Off
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- Bitcoin’s long-term holders have recently slowed down their profit-taking, following a significant selloff.
- The Coin Days Destroyed (CDD) metric, which tracks the movement of aged coins, has seen a decline.
- This suggests a decrease in selling pressure from long-term holders, potentially paving the way for a Bitcoin rally.
Bitcoin’s long-term holders have cooled off their profit-taking, leading to a decline in the Coin Days Destroyed metric. This could indicate a decrease in selling pressure and potentially pave the way for a Bitcoin rally.
Understanding Coin Days Destroyed
A “coin day” is a quantity that 1 BTC accumulates after staying dormant on the blockchain for 1 day. When a coin is finally moved on the network, its coin days count resets back to zero, and the coin days that it had been holding are said to be “destroyed.” The Coin Days Destroyed (CDD) keeps track of the total amount of coin days being destroyed in this manner across the blockchain on any given day.
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