Bitcoin ‘CDD’ Hits All-Time High: What’s Driving This Trend?
Summary
Bitcoin's Coin Days Destroyed (CDD) has hit a new all-time high, with a spike larger than in November 2018. The CDD measures the destruction of accumulated coin days when dormant coins are moved on the network. The recent spike, totaling 518.2 million coin days, is attributed to Mt. Gox transactions related to creditor payments. This movement has reset a significant number of coin days, leading to the spike. The spike in CDD may indicate long-term holders participating in a selloff. Despite the spike, Bitcoin's price is currently around $67,500, down 4% over the past week.
