Definition. Supply-Adjusted Coin Years Destroyed is the 365-day rolling sum of Coin Days Destroyed (CDD), the amount of coin days destroyed over the trailing year, normalized by circulating supply. Coin Years Destroyed is the unadjusted counterpart, and Entity- and Supply-Adjusted Coin Years Destroyed is the entity-adjusted counterpart.

Technical. Supply-adjustment divides by circulating supply to account for the increasing baseline of the metric over time. Coins returned to the sending address within the same transaction are not counted as spent.

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.