Analyst Willy Woo attributes Bitcoin’s recent bearish momentum to selling pressure from long-term holders (LTHs), as evidenced by spikes in the Coin Days Destroyed (CDD) metric.
The prevalence of “paper Bitcoin”—derivative products that don’t require owning actual BTC—is also contributing to the downturn.
Bitcoin has been struggling despite the influx of spot exchange-traded fund (ETF) purchases. Analyst Willy Woo recently explained why BTC has been experiencing bearish momentum in a new thread on X. Woo attributes the downturn to selling pressure from long-term holders (LTHs), who are typically known for holding onto their coins for extended periods, per the Crypto News Flash report.
The Coin Days Destroyed (CDD) metric, which tracks the movement of coins and weighs it against the coins’ age, supports this theory. A spike in CDD indicates that a significant number of previously dormant coins have been moved.
Earlier this year, a substantial increase in Bitcoin’s CDD co

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