The crypto market was volatile last week as the Bitcoin price plummeted from $116,000 to $108,600. This recent dip has raised concerns of a bearish rebound, but on-chain data implies a market calm.
LTH Sales Declining
Alphractal posted on X that may benefit Bitcoin bulls. According to the on-chain analytics company, long-term investors of the leading cryptocurrency are changing their behavior.
This on-chain discovery is based on the currency Days Destroyed (CDD) Multiple Metric, which compares currency spending to historical averages.
It determines how many “coin days” are lost when old coins are transferred, according to the business. It tracks Bitcoin $LTH activity by recording when long-term holders use their coins.
#Alphractal said that this investment class has continued to sell old coins, although at a far slower rate. In recent months, Bitcoin long-term holders have moved less than in 2024. This CDD Multiple drop also indicates less selling pressure from Bitcoin's veteran investors.#bitcoin @Cdd $XRP #StrategyBTCPurchase #MultiBit