Definition. Entity- and Supply-Adjusted Coin Years Destroyed is the 365-day rolling sum of Coin Days Destroyed (CDD), computed on the entity-clean spending stream and normalized by circulating supply.

Technical. Entity-adjustment discards transactions within addresses controlled by the same network participant. Supply-adjustment divides by circulating supply to account for the increasing baseline of the metric over time.

Interpretation. CYD is indicative of long-term holder behaviour.

Notes. First put forward by ARK Invest and further developed by Glassnode by adjusting for the circulating supply. For more information on entity-adjustment and account-based metrics, read our articles here and here.

This is the Point-in-Time (PiT) variant of Entity- and Supply-Adjusted CYD. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.