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Analyst: Bitcoin Whales Transfer Large Amounts, Uptrend May Slow Down but Is Not Over

2 days ago

On July 24th, CryptoQuant analyst Axel Adler Jr. posted that with Bitcoin's price fluctuating between $106,000 and $118,000, an abnormally high monthly Coin Days Destroyed (CDD) and an annual CDD ratio (0.25) emerged in the current market. This value is close to the historical high in 2014 and the level during the 2019 pullback. This shows that long-term holders - investors who have not moved their Bitcoin for several years - are massively transferring their holdings to the market. Such a surge in CDD typically means that experienced players are actively distributing their chips. Meanwhile, institutional fund demand and Bitcoin ETF inflows remain at high levels. Therefore, this round of chip distribution is unlikely to bring an end to this bull run. At most, it may slightly slow down its pace. Note: CDD refers to Coin Days Destroyed, which assumes that each Bitcoin accumulates "1 coin day" every day. Holding 10 Bitcoins for 10 days accumulates 100 coin days. When these Bitcoins are spent or transferred, the corresponding 100 coin days are destroyed.
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