Definition. This chart decomposes entity-adjusted Coin Days Destroyed (CDD) by holder cohort: total CDD (orange), Long-Term Holder CDD (blue) and Short-Term Holder CDD (red), plotted with price (black). Grey background columns show the LTH CDD Dominance — the share of total coinday destruction attributable to long-term holders.

Technical. All series use entity-adjusted CDD, which filters transfers internal to a single entity and retains only economically meaningful activity. Cohorts follow the standard 155-day holding threshold separating Long-Term and Short-Term Holders. The dominance trace is smoothed:

• LTH CDD Dominance = sma(LTH CDD / Total CDD, 14) (grey columns, in percent)

Interpretation. A coinday is destroyed when a coin moves, in proportion to how long it sat dormant, so CDD weights spending by both volume and holding time. Long-term holder coins carry far more accumulated coindays per unit, which makes the LTH trace the dominant driver of large CDD spikes: elevated LTH CDD and a rising dominance share indicate that old, experienced hands are spending — behavior that has historically clustered around market inflection points, both distribution into strength and capitulation events. Short-term holder CDD reflects the churn of recently moved coins and dominates during high-turnover, speculative phases. Watching the dominance columns separates these two regimes at a glance.

Notes. Built from Entity-Adjusted CDD, Entity-Adjusted LTH CDD and Entity-Adjusted STH CDD. The supply-normalized 90-day view is at Long- and Short-Term Holder CDD-90, and the cohort threshold mechanics are charted at LTH/STH Threshold.