Bitcoin Recovery Stalls As HODLers Apply Selling Pressure
Summary
Bitcoin long-term holders have been depositing large quantities of old tokens into centralized exchanges, as shown by spikes in the Exchange Inflow Coin Days Destroyed (CDD) metric. These spikes suggest that long-term holders may be selling, potentially contributing to Bitcoin's bearish momentum. The recent spike in CDD coincided with a recovery rally attempt, indicating that selling pressure from long-term holders may be hindering Bitcoin's recovery. Bitcoin is currently trading at around $57,900, up more than 4% over the past week.
