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.

Technical. 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.