CDD (Coin Days Destroyed)
Coin Days Destroyed is a measure of economic activity which gives more weight to coins which haven't been spent for a long time.
For example:
A UTXO for 2 BTC that is dormant for 100-days has accumulated 200 coin days.
A UTXO for 0.5 BTC that is dormant for 100-days has accumulated 50 coin days.
A UTXO for 10 BTC that is dormant for 6-hours (0.25-days) has accumulated 2.5 coin days.
CDD is a valuable tool for observing the spending behaviour of long term holders and wealthy investors as it considers both lifespan and coin volume. It is particularly well suited for observing macro trends where entities who accumulated in previous cycles begin start spending their coins.
CDD is sensitive to the spending of:
Coins with long lifespans: where each old coin has accumulated large number of coin days.
Large coin volumes: where wealthy investors with large coin holdings are spent destroying a large number of coin days. Note that if the same set of coins are sent back and forth, at most, one coin day per unit coin transacted can be destroyed per day.
Large coin volumes which also have long lifespans: This combined effect will have an outsized impact on the CDD metric.
With this in mind, some example observations with respect to the CDD indicator and horizontal levels are:
CDD values < 5 Million days have historically described day-to-day baseline traffic and in recent years has provided a lower-bound floor as the Bitcoin protocol accumulates coin days.
CDD values > than 10 million days are often correlated with bullish markets and local market tops or bottoms as a moderate increase in older coins moving due to spending by long term holders.
CDD values > than 20 million days are historically uncommon and tend to only occur during periods of high volatility as larger volumes of old coins are spent, potentially realising profits or losses.
Note that absolute values of CDD will vary over time and must be considered within this context and/or considered alongside the Supply-Adjusted CDD metric.
所以，图里面显示的是每天消耗的CDD（注意，这里最后一个D对应的是Destored），也就是说对应的是当天消耗的Coin Days。
Supply-Adjusted CDD
Supply-Adjusted CDD accounts for the impact that coin day accumulation by the total supply has on the Coin Days Destroyed metric. As more coins are issued and more coin days are accumulated by the aggregate network, the lower bound of coin days destroyed will increase over time.
Binary CDD
Binary Coin Days Destroyed (Binary CDD) is a derivative of the Supply-Adjusted CDD metric. It considers whether the volume of coin days destroyed over the period of interest was more, or less, than the long-term historical average. This provides a view as to whether the spending behaviour of large volumes and/or old coins is significant relative to historical data.
Binary CDD will return either a 1 or a 0:
Returns 1: when measured Supply-Adjusted CDD is greater than the long term average.
Returns 0: when measured Supply-Adjusted CDD is less than the long term average.
In general, long-term holders (LTH) will spend old coins during bullish trends, taking advantage of market strength and thus destroying a larger than average volume of coin days. Conversely, during bearish market trends, on-chain activity tends to reduce and off-chain exchange volumes dominate activity. During these periods, LTHs and smart money investors often accumulate cheap coins and withdraw them to cold storage. This leads to periods with less than average coin days being destroyed.
Binary CDD is best considered in context of the prevailing market trend and can generally be considered in line with the following framework:
Bullish market trends are typically characterised by sustained periods of Binary CDD = 1, as higher on-chain volumes and older coins are spent into the economy.
Bearish market trends are typically characterised by a 'bar-code' style pattern in the Binary CDD metric with alternating values of 0 and 1, as on-chain volumes and coin lifespans become more variable but with a higher proportion of below average coin day destruction.
CYD (Coin Years Destroyed)
Coin Years Destroyed (CYD) takes the rolling sum of coin days destroyed (CDD) over the previous 365-day period as a macro indicator for annual economic activity.
Supply-Adjusted CYD
Supply-Adjusted CYD accounts for the impact that coin day accumulation by the total supply has on the Coin Years Destroyed metric. As more coins are issued and more coin days are accumulated by the aggregate network, the lower bound of coin days destroyed will increase over time.
Reserve Risk
这里的median VOCDD表示的是median处理的VOCDD （Value of Coin Day Destoried）意思是每天销毁的cdd的价格，所以price-median vocdd意思应该就是现价-销毁cdd的价格，也就是对应的一个机会成本；
By baking in cumulative unspent opportunity cost as the denominator, over time, the weight of long-term holder conviction increases as coin dormancy increases. This results in two observations:
Periods of undervaluation are relatively long and often encapsulate the second half of bear markets and continue through to the first half of bull markets.
A Reserve Risk ratio below 0.0026 is empirically presented as an area of undervaluation based on historical performance.
Periods of overvaluation are often short and sharp, due to the compounding effects of higher prices and the subsequent incentive for long term holders to realise profits and spend old coins.
A Reserve Risk ratio above 0.0200 is presented as an empirical area of overvaluation based on historical observations and often occur only briefly at global market blow-off tops.
其中两个数据比较关键，大于0.02意思就是在overvaluation阶段，小于0.0026意思就是在undervaluation阶段；
CDD (Coin Days Destroyed)
Coin Days Destroyed is a measure of economic activity which gives more weight to coins which haven't been spent for a long time.
For example:
A UTXO for 2 BTC that is dormant for 100-days has accumulated 200 coin days.
A UTXO for 0.5 BTC that is dormant for 100-days has accumulated 50 coin days.
A UTXO for 10 BTC that is dormant for 6-hours (0.25-days) has accumulated 2.5 coin days.
CDD is a valuable tool for observing the spending behaviour of long term holders and wealthy investors as it considers both lifespan and coin volume. It is particularly well suited for observing macro trends where entities who accumulated in previous cycles begin start spending their coins.
CDD is sensitive to the spending of:
Coins with long lifespans: where each old coin has accumulated large number of coin days.
Large coin volumes: where wealthy investors with large coin holdings are spent destroying a large number of coin days. Note that if the same set of coins are sent back and forth, at most, one coin day per unit coin transacted can be destroyed per day.
Large coin volumes which also have long lifespans: This combined effect will have an outsized impact on the CDD metric.
With this in mind, some example observations with respect to the CDD indicator and horizontal levels are:
CDD values < 5 Million days have historically described day-to-day baseline traffic and in recent years has provided a lower-bound floor as the Bitcoin protocol accumulates coin days.
CDD values > than 10 million days are often correlated with bullish markets and local market tops or bottoms as a moderate increase in older coins moving due to spending by long term holders.
CDD values > than 20 million days are historically uncommon and tend to only occur during periods of high volatility as larger volumes of old coins are spent, potentially realising profits or losses.
Note that absolute values of CDD will vary over time and must be considered within this context and/or considered alongside the Supply-Adjusted CDD metric.
所以，图里面显示的是每天消耗的CDD（注意，这里最后一个D对应的是Destored），也就是说对应的是当天消耗的Coin Days。
Supply-Adjusted CDD
Supply-Adjusted CDD accounts for the impact that coin day accumulation by the total supply has on the Coin Days Destroyed metric. As more coins are issued and more coin days are accumulated by the aggregate network, the lower bound of coin days destroyed will increase over time.
Binary CDD
Binary Coin Days Destroyed (Binary CDD) is a derivative of the Supply-Adjusted CDD metric. It considers whether the volume of coin days destroyed over the period of interest was more, or less, than the long-term historical average. This provides a view as to whether the spending behaviour of large volumes and/or old coins is significant relative to historical data.
Binary CDD will return either a 1 or a 0:
Returns 1: when measured Supply-Adjusted CDD is greater than the long term average.
Returns 0: when measured Supply-Adjusted CDD is less than the long term average.
In general, long-term holders (LTH) will spend old coins during bullish trends, taking advantage of market strength and thus destroying a larger than average volume of coin days. Conversely, during bearish market trends, on-chain activity tends to reduce and off-chain exchange volumes dominate activity. During these periods, LTHs and smart money investors often accumulate cheap coins and withdraw them to cold storage. This leads to periods with less than average coin days being destroyed.
Binary CDD is best considered in context of the prevailing market trend and can generally be considered in line with the following framework:
Bullish market trends are typically characterised by sustained periods of Binary CDD = 1, as higher on-chain volumes and older coins are spent into the economy.
Bearish market trends are typically characterised by a 'bar-code' style pattern in the Binary CDD metric with alternating values of 0 and 1, as on-chain volumes and coin lifespans become more variable but with a higher proportion of below average coin day destruction.
CYD (Coin Years Destroyed)
Coin Years Destroyed (CYD) takes the rolling sum of coin days destroyed (CDD) over the previous 365-day period as a macro indicator for annual economic activity.
Supply-Adjusted CYD
Supply-Adjusted CYD accounts for the impact that coin day accumulation by the total supply has on the Coin Years Destroyed metric. As more coins are issued and more coin days are accumulated by the aggregate network, the lower bound of coin days destroyed will increase over time.
Reserve Risk
这里的median VOCDD表示的是median处理的VOCDD （Value of Coin Day Destoried）意思是每天销毁的cdd的价格，所以price-median vocdd意思应该就是现价-销毁cdd的价格，也就是对应的一个机会成本；
By baking in cumulative unspent opportunity cost as the denominator, over time, the weight of long-term holder conviction increases as coin dormancy increases. This results in two observations:
Periods of undervaluation are relatively long and often encapsulate the second half of bear markets and continue through to the first half of bull markets.
A Reserve Risk ratio below 0.0026 is empirically presented as an area of undervaluation based on historical performance.
Periods of overvaluation are often short and sharp, due to the compounding effects of higher prices and the subsequent incentive for long term holders to realise profits and spend old coins.
A Reserve Risk ratio above 0.0200 is presented as an empirical area of overvaluation based on historical observations and often occur only briefly at global market blow-off tops.
其中两个数据比较关键，大于0.02意思就是在overvaluation阶段，小于0.0026意思就是在undervaluation阶段；
AAAAA
AAAAA
Subscribe to AAAAA
Subscribe to AAAAA
Share Dialog
Share Dialog
<100 subscribers
<100 subscribers
No activity yet