Bitcoin: CVDD
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Indicator overview
CVDD stands for Cumulative Value Coin Days Destroyed.
Coin Days Destroyed is a term used for bitcoin to identify a value of sorts to UTXO’s (unspent transaction outputs). You can learn more about UTXO’s here. They can be thought of as coins moving between wallets.
When coins are sent between wallets, the transaction has:
- a USD value
- plus, it also destroys a time value in terms of how long the original investor held their coins
That value is Coin Days Destroyed (CDD).
CVDD tracks the cumulative sum of this value-time destruction as coins move from old hands into new hands as a ratio of the market age. It is then multiplied by 6 million, which is a somewhat arbitrary number as it is not linked to any relevant Bitcoin data.
The result is that it has historically correctly forecasted the major lows of Bitcoins price with good accuracy.
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CVDD was created by @woonomic.
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