Coinday Destruction can be considered to be a form of both time, and volume weighted 'spent volume'. From this lens, we can construct NVT and RVT oscillators, which compare the value held within each coin supply region, and the corresponding value of CDD.

Coinday NVT = Market Cap / sum(CDD * Price, 90)

Coinday RVT = Realized Cap / sum(CDD * Price, 90)

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 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 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.