Bitcoin Spending Metrics down to 2010 levels: Time to Panic?
It has been ten days now since Bitcoin’s price has been hovering around the $19k mark. Even though the asset has been trading in green over the last couple of days, the gains have merely been single-digit. After inclining by 1.5% on the daily and 2.3% on the weekly, the largest crypto was priced at $19.55k at press time on Tuesday. Macro Bitcoin Trends Bitcoin’s on-chain activity has been nearly “non-existent” of late. Take the case of Coin Days Destroyed, for instance. After consistently dropping over the past few weeks, this metric has clinched a new multi-year low. As illustrated below, the CDD is currently down to levels that were last observed way back in 2010. This metric helps in gauging the spending behavior of long-term HODLers by considering factors like lifespan and coin volume . Usually, low indicator values flash when older coins remain dormant. Sustained low-trends are usually positive, for they represent participants’ conviction to HODL...