Bitcoin Hits Six-Year High in Coin Days Destroyed: 60-Day Moving Average Reaches 24.8 Million

On December 31, insights from COINOTAG News revealed pivotal findings from CryptoQuant analyst Maartunn, indicating that Bitcoin’s Coin Days Destroyed (CDD) 60-day moving average has surged to 24.8 million, marking a notable six-year peak. This CDD metric plays a crucial role in assessing alterations in the behavior of long-term Bitcoin holders, calculated by the formula of “dormant days multiplied by transfer amount.” The recent uptick in CDD points to a significant movement of previously inactive Bitcoin, suggesting that long-term holders are liquidating their assets, potentially altering market dynamics. Such movements often reflect shifts in investor sentiment and can impact market liquidity, making it a vital metric for analysts and investors alike. Staying informed on CDD trends is essential for comprehending the evolving landscape of cryptocurrency investments.