On-chain data shows the Bitcoin Binary Coin Days Destroyed (CDD) has stayed low recently. Here’s what this says about the current market.
Bitcoin Binary CDD Has Remained At Very Low Levels Recently
According to data from the on-chain analytics firm Glassnode, this indicator attained high values during the 2021 bull run. To understand the CDD metric, the concept of “coin days” needs to be looked at first.
Whenever 1 BTC stays stationary on the blockchain for 1 day, it accumulates 1 “coin day.” If a coin that has remained unmoved on the network for a while, meaning that it has accumulated a certain number of coin days, is now suddenly transferred, its coin days counter would naturally reset back to zero.
The coin days it had previously been carrying are said to be “destroyed.” The CDD indicator measures the total number of coin days being reset throughout the network on any given day.
When this indicator has a high value, it implies that a large number of coin days are bein
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