According to BlockBeats, CryptoQuant analyst Axel Adler Jr has noted an unusual increase in the Coin Days Destroyed (CDD) and annual CDD ratio, currently at 0.25, as Bitcoin prices fluctuate between $106,000 and $118,000. This ratio is nearing historical highs seen in 2014 and levels during the 2019 market correction.
This trend indicates that long-term holders, who have not moved their Bitcoin for several years, are now transferring their holdings to the market. Such a surge in CDD typically suggests that experienced investors are actively distributing their assets.
Despite this, institutional demand and inflows into Bitcoin ETFs remain strong. Therefore, this wave of distribution is unlikely to end the current upward trend in Bitcoin prices, though it may slightly slow the pace of the increase.
