According to the coin days destroyed (CCD) metric the long-term bitcoin holders aren’t off-loading their BTC despite the bitcoin price losing 16% of its value last week.
This metric measures the total hodl age of bitcoins moved on a particular day, calculated by multiplying those moved coins with the number of days they are hodl by the investors.
Crypto investor and researcher Cryptokea notes, on-Chain data suggests they are holding onto their bitcoin “firm and tight”. The sell-off we saw in the past few days has been on par with the previous bull markets.
If long term BTC holders sell larger than usual portions of their holdings, the supply-adjusted CDD spikes “noticeably.” However, the ongoing selling in the market is “on par with prior bull market sell-offs,” particularly compared to the periods around the bitcoin reward halvings.
The trader also noted recently that in the past bitcoin’s bull cycle, tops, and bottoms fluctuate around halving dates in an “almost equal ratio.”
“If this relationship were to hold true, we still have more than 570 days of bull market ahead of us, with a cycle top coming in around Sep 2021,” said Cryptokea.
This Indicator Says Bitcoin is at the beginning of a Bull Market
Yesterday, bitcoin recovered some of the gains, climbing as high as $8,920 but the market hasn’t topped out yet.
Bitcoin unrealized profit bitcoin metrics suggests we might be at the beginning of a bull market. This metric is the total profit in USD of all the bitcoins in existence whose price at realization time was lower than the current price normalized by the market cap.
“Bitcoin Unrealized Profit is still at a healthy level, showing no signs that the market has topped. Currently, it’s at a level similar to the beginnings of past bull markets,” said crypto data provider Glassnode.
On Feb. 24, the bitcoin unrealized profit was at 0.463 which is far from 0.77, that was hit during the last bull run in Dec. 2017 before jumping to 0.32 in Feb. 2019.
The indicator was at its highest level at 0.85 in June 2011 and in April 2013, it yet again climbed to 0.82.
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