Binary CDD (Binary Coin Days Destroyed) throws away the magnitude entirely and keeps only the tally of how frequently spending of stored coin time cleared its usual mark. What it produces is a count of sessions, not a quantity.

That sounds like throwing information away, and it is. The information it discards is precisely the part a single large holder can manufacture, which is what leaves a reading describing a regime rather than an event.

What it actually measures

Each recent day is scored as one of two things: destruction ran above its own longer average, or it did not. The metric reports the share of days that cleared the bar. A high reading means the market has been spending aged coins day after day, not that it did so spectacularly once.

That distinction has teeth. One enormous day and a long run of moderately busy ones can produce the same total destruction while meaning completely different things. Binary CDD is the series that separates them, and that is what it was built for.

Immunity to whales is bought with blindness to size

Because every qualifying day counts once, a hundred-thousand-coin spend and a modestly busy session register identically. No single entity can manufacture a reading, which is the point. The same construction means a genuinely historic single day is nearly invisible here.

Read it as an answer to one question, whether spending is persistent, and never as an answer to how much. When it is high and the raw destruction series is not, the market has been steadily busy. When the raw series is high and this is not, one event dominated the period.

What it does not tell you

It has no sense of magnitude at all, so it cannot rank one distribution phase against another. Two periods that both show most days above the bar are indistinguishable here even if one moved many times the coin value of the other. The metric also saturates: once nearly every day is clearing the bar, further intensification has nowhere left to register.

It also inherits the ambiguity of everything built on coin-day destruction. A day of consolidation by a large custodian clears the bar exactly as a day of holder selling does, so a high reading establishes persistence and never intent. The bar itself is drawn from the market’s own recent history, too, which means a long quiet stretch lowers it and makes ordinary activity easier to clear than it would have been earlier.

How to read it

Elevated. A large share of recent days cleared the bar, so above-average destruction has been persistent rather than occasional.

Mid-range. The share of qualifying days sits in its ordinary range, describing background turnover.

Subdued. Few recent days cleared the bar. Aged supply has been consistently quiet, historically the accumulation side.

Binary CDD shares the Dormancy dashboard with Coin Days Destroyed, the VDD Multiple and Supply-Adjusted CDD.

Common questions

What is actually being counted here?

How frequently, across the recent past, spending of stored coin time cleared its usual mark. A tally of sessions, with the quantity discarded.

What does counting sessions protect against?

Because a single vast ancient parcel can swamp an ordinary average and conjure a distribution phase out of nothing. Tallying sessions instead settles whether the habit is stubborn rather than merely spectacular.

Why can a single whale not move it?

A colossal spend and a modest one each contribute exactly one tick, so nobody with a big enough wallet can fabricate this number.

What does a long stretch up near the top describe?

Session after session clearing the usual mark, which describes a distribution regime instead of one memorable incident.

What is it worst at?

Scale. It cannot tell you how much moved, so it needs a magnitude series beside it before a reading turns into a view.