On-chain data shows Bitcoin long-term holders have just ramped up their selling as the binary CDD metric shoots up.
Bitcoin Binary Coin Days Destroyed Has Observed A Surge
As pointed out by an analyst in a CryptoQuant post, long-term holders may be using the recent surge as an opportunity to distribute their coins.
A “coin day” is said to be the amount that 1 BTC accumulates while sitting still for 1 day. Thus, the total number of coin days in the market refer to the overall time the Bitcoin supply has been dormant for.