On-chain data shows signs of dumping from the Bitcoin whales as the price of the crypto dips below $16k.
As pointed out by an analyst in a CryptoQuant post, a large amount of dormant coins seem to have moved recently.
The relevant indicator here is “Coin Days Destroyed” (CDD). A coin day is the amount that 1 BTC accumulates after staying still in a single address for 1 day.
Whenever a coin that’s carrying some number of coin days finally shows movement, the coin day counter for it resets back to zero, and the coin days are said to be “destroyed.”
The CDD metric measures the total number of these coin days being destroyed across the entire supply at any given time.
(by Hououin Kyouma)