Definition. Coinday destruction can be considered a form of both time- and volume-weighted 'spent volume'. From this lens, this chart constructs NVT and RVT oscillators for the Long-Term Holder cohort, comparing the value held within LTH supply against the corresponding value of entity-adjusted LTH coinday destruction: the LTH CDD-NVT (blue) and LTH-RVT (dark navy), plotted over price (grey).

Technical. Both oscillators normalize a 90-day sum of USD-denominated LTH coinday destruction:

• LTH Coinday NVT = LTH Supply x Price / sum(LTH-CDD x Price, 90) (blue)
• LTH Coinday RVT = LTH Supply x LTH Realized Price / sum(LTH-CDD x Price, 90) (dark navy)

where the LTH Realized Price is recovered as Price / LTH-MVRV, making the RVT numerator the LTH cohort's realized cap.

Interpretation. Generally speaking, NVT and RVT Ratios can be interpreted within the following framework:

• High values and uptrends indicate that CDD volumes are declining relative to the value of the supply region, indicating a potential slow-down in network utilization.

• Low values and downtrends indicate that CDD volumes are increasing relative to the value of the supply region, indicating potential growth in network utilization.

• Stable sideways values indicate that CDD volumes are in equilibrium with the value of the supply region, indicating the current trend is likely sustainable and in equilibrium.

Because Long-Term Holders are the market's high-conviction cohort, spikes in their coinday destruction relative to their held value (low/declining ratios) flag meaningful distribution events — old hands spending into strength or capitulating — while high, rising ratios describe deepening dormancy and accumulation.

Notes. Built from Entity-Adjusted LTH-CDD, Long-Term Holder Supply and LTH-MVRV. See also the Short-Term Holder, Entity-Adjusted and aggregate versions.