Coin Age MetricsBDD

These on-chain metrics track how long coins have stayed unmoved. Dormant supply is the amount untouched for a set period; Coin Days Destroyed weights each spent coin by how long it had been held; HODL waves chart Bitcoin’s supply by age band. Old coins moving is often read as long-term holders selling.

On-chain data shows how long coins sat still before they moved. Coin age metrics turn that into signals about whether long-term holders are spending or saving.

Category
Cryptocurrency and Blockchain
Reading time
3 min
Also called
Coin days destroyed, HODL waves, Dormancy metrics
Updated

Coin age in plain words

Bitcoin Days Destroyed weights the movement of coins by age, meaning the time since each coin was previously spent.1

It is often called by its generic name, Coin Days Destroyed (CDD).1

HODL waves group supply by the time since it last moved on-chain.2

How coin age metrics are built

  1. Track each coin's last move

    Age is the time since a coin was last spent.1

  2. Multiply amount by age

    5 BTC idle 100 days = 500 coin days.

  3. Destroy on spending

    When coins move, their accumulated coin days are counted as destroyed and age resets.

  4. Group supply by age

    HODL waves show supply bands by time since last move.2

  5. Summarise with liveliness

    Liveliness ranges from 0 to 1 and rises as long-term holders sell.1

  6. Add off-chain context

    Use them with other signals to gauge long- versus short-term holders.1

Worked examples

Example 1 — Coin days destroyed

2,100 coin days destroyed

Hypothetically a wallet moves 5 BTC that sat for 400 days, and another moves 50 BTC held for 2 days.

Example 1 — Coin days destroyed — calculation
Old coins5 × 400 = 2,000 coin days
New coins50 × 2 = 100 coin days
Total CDD2,000 + 100 = 2,100

Weighting by age means the small, old transfer dominates the metric.1

Example 2 — Short-term supply growth

+30% short-term supply

Hypothetically coins active in the past year rise from 5.0M to 6.5M BTC.

Example 2 — Short-term supply growth — calculation
Increase6.5M − 5.0M = 1.5M BTC
Percent rise1.5 ÷ 5.0 = 30%

Coin Metrics saw a similar pattern as previously dormant coins re-entered circulation.3

Example 3 — A false signal

Signal may be misleading

Hypothetically a CDD spike of 1,000,000 coin days comes from one 2,000 BTC wallet idle 500 days.

Example 3 — A false signal — calculation
Check2,000 × 500 = 1,000,000
Share from one wallet100%

Large old movements can be seizures or custody moves, such as government transfers of seized coins.1

CDD vs HODL waves

AspectCoin days destroyedHODL waves
MeasuresAge of coins being spentAge profile of all supply
TypeFlowStock
Best forSpotting old coins movingLong-run holder structure
WeaknessSpikes from single walletsSlow to change

Where coin age metrics are used

Advantages and disadvantages

Advantages

  • Built on public, verifiable data.
  • Separates long-term holder behaviour from noise.
  • Works across market cycles.
  • Shows dormant supply.

Disadvantages

  • Custody moves look like selling.
  • One wallet can swamp the metric.
  • Misses off-chain exchange activity.
  • Providers calculate metrics differently.

Going deeper

Read as far as you need. Each level builds on the one before it.

Old coins weigh more

Beginner

CDD weights movement by how long coins were idle.1

Dormant supply

Intermediate

Some coins have stayed dormant and effectively out of circulation for years, which HODL waves make visible.2

Blind spots

Advanced

On-chain metrics do not capture activity on exchanges and other off-chain venues, so pair them with exchange data.1

Common mistakes

  1. Reading every spike as selling

    Ignoring custody or wallet reshuffles.

  2. Mixing providers

    Comparing CDD from two different sources.

  3. Ignoring off-chain trading

    Forgetting most trading happens on exchanges.

  4. Short lookbacks

    Judging a slow metric over days.

Check your understanding

Test yourself before moving on. Each answer comes with an explanation.

Q13 BTC idle 200 days are spent. How many coin days are destroyed?
Q2Liveliness rising toward 1 suggests…

Key points to remember

  1. Coin age is time since last spent.
  2. CDD weights spending by age.
  3. HODL waves show supply by age band.
  4. Custody moves cause false signals.
  5. Use with off-chain data.

Frequently asked questions

Is high CDD bearish?

Often read that way, but check whether it is a custody move.

Do these work for Ethereum?

Providers offer versions for other chains, though methods vary.

What is a HODL wave?

A chart of supply grouped by how long since it last moved.

Further learning

Sources

This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.

  1. Galaxy Digital Research. Introduction to On-Chain Analysis (opens in a new tab) Checked .
  2. Coin Metrics. The Coin Metrics Bitcoin On-Chain Indicators Primer (opens in a new tab) Checked .
  3. Coin Metrics. Making Sense of Bitcoin's Changing Supply Dynamics (opens in a new tab) Checked .

Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.