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

BlockBeats News, July 24, CryptoQuant analyst Axel Adler Jr posted that with Bitcoin's price ranging from $106,000 to $118,000, an abnormally high monthly Coin Days Destroyed (CDD) and annual CDD ratio (0.25) occurred in the current market. This value is close to the historical high in 2014 and the level during the 2019 pullback.

This indicates that long-term holders—investors who have not moved their Bitcoin for many years—are massively transferring their holdings to the market. Such a surge in CDD usually means that experienced players are actively distributing chips.

Meanwhile, institutional fund demand and Bitcoin ETF inflows are still at high levels, so this round of chip distribution is unlikely to end 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, and when these bitcoins are spent or transferred, the corresponding 100 coin days are destroyed.