ON-CHAIN METRIC
Coin Days Destroyed
How much age-weighted Bitcoin activity occurred when outputs were spent on-chain?
Open the Dormancy dashboard
Coin Days Destroyed (CDD) weights each spent Bitcoin output by how many BTC it contained and how long it had remained unspent. It makes old, large outputs more visible than young, small ones.
The metric measures the age-weighted significance of on-chain spending. It does not prove a sale, distribution or change of ownership.
How Coin Days Destroyed is calculated
Formula. BTC value of each spent output × its lifespan in days, summed across the period.
One BTC held for 100 days contributes 100 coin days when spent. Ten BTC held for the same period contributes 1,000. New outputs then begin accumulating age from zero.
What a spike shows
A spike means a large amount of old coin time was destroyed. That can come from many older outputs moving or one very large, very old output.
Spikes have occurred during both profit-taking and capitulation, as well as custody reorganisations. CDD measures magnitude, not direction or intent.
Why context matters
The same age weighting that reveals dormant supply also makes the series sensitive to whales and operational transfers. Entity-adjusted, smoothed and supply-adjusted versions reduce different distortions but do not remove them all.
Check price, spent volume, transaction context and the age distribution before treating a spike as a market signal.
How to read it
Major spike. A large amount of old coin time was destroyed; investigate what moved.
Elevated. Older or larger outputs contributed more than usual.
Typical. Age-weighted spending sits near its recent norm.
Subdued. Little old coin time is being destroyed.
Coin Days Destroyed updates inside the Dormancy dashboard, alongside supply-adjusted CDD, Dormancy and Liveliness.
Common questions
Why weight movement by age?
It separates the movement of long-dormant supply from routine turnover of young outputs.
Does a spike mean sell?
No. CDD does not identify direction or motive. Old coins can move during distribution, capitulation or custody activity.
Can one wallet dominate the reading?
Yes. A large old output can create an outsized print, which is why transaction context matters.
What does supply-adjusted CDD do?
It divides CDD by circulating supply, improving comparison across eras with different amounts of Bitcoin in existence.
How does this relate to Dormancy and Liveliness?
Dormancy divides CDD by spent volume. Liveliness compares cumulative CDD with all coin days created.
ON-CHAIN METRIC
Coin Days Destroyed
How much age-weighted Bitcoin activity occurred when outputs were spent on-chain?
Open the Dormancy dashboard
Coin Days Destroyed (CDD) weights each spent Bitcoin output by how many BTC it contained and how long it had remained unspent. It makes old, large outputs more visible than young, small ones.
The metric measures the age-weighted significance of on-chain spending. It does not prove a sale, distribution or change of ownership.
How Coin Days Destroyed is calculated
Formula. BTC value of each spent output × its lifespan in days, summed across the period.
One BTC held for 100 days contributes 100 coin days when spent. Ten BTC held for the same period contributes 1,000. New outputs then begin accumulating age from zero.
What a spike shows
A spike means a large amount of old coin time was destroyed. That can come from many older outputs moving or one very large, very old output.
Spikes have occurred during both profit-taking and capitulation, as well as custody reorganisations. CDD measures magnitude, not direction or intent.
Why context matters
The same age weighting that reveals dormant supply also makes the series sensitive to whales and operational transfers. Entity-adjusted, smoothed and supply-adjusted versions reduce different distortions but do not remove them all.
Check price, spent volume, transaction context and the age distribution before treating a spike as a market signal.
How to read it
Major spike. A large amount of old coin time was destroyed; investigate what moved.
Elevated. Older or larger outputs contributed more than usual.
Typical. Age-weighted spending sits near its recent norm.
Subdued. Little old coin time is being destroyed.
Coin Days Destroyed updates inside the Dormancy dashboard, alongside supply-adjusted CDD, Dormancy and Liveliness.
Common questions
Why weight movement by age?
It separates the movement of long-dormant supply from routine turnover of young outputs.
Does a spike mean sell?
No. CDD does not identify direction or motive. Old coins can move during distribution, capitulation or custody activity.
Can one wallet dominate the reading?
Yes. A large old output can create an outsized print, which is why transaction context matters.
What does supply-adjusted CDD do?
It divides CDD by circulating supply, improving comparison across eras with different amounts of Bitcoin in existence.
How does this relate to Dormancy and Liveliness?
Dormancy divides CDD by spent volume. Liveliness compares cumulative CDD with all coin days created.