
Key Takeaways
- Bitcoin’s Coin Days Destroyed (CDD) hit its second-highest level ever in July 2025 after 80,000 dormant BTC moved.
- Historically, CDD spikes by long-term holders have preceded major Bitcoin price drops.
- Analysts caution that while technical reasons might explain the move, bearish trends could follow.
A sharp rise in Bitcoin’s Coin Days Destroyed (CDD) metric in July 2025 has captured the attention of market analysts, signaling possible incoming volatility for the asset.
Coin Days Destroyed measures the movement of long-dormant bitcoin, calculated by multiplying the amount of bitcoin moved by the number of days those coins remained untouched. This metric is closely watched as it often reflects the activity of long-term holders, who are seen as having deep market insight. Spikes in CDD have historically been associated with bearish market signals.
Dormant bitcoin on the move
Early July saw a historic transfer of 80,000 BTC, valued at over $8 billion, from wallets dormant since 2011.
The transaction, spread across eight wallets, represented one of the largest movements of decade-old coins. When originally acquired, these coins cost roughly $7,800, highlighting the scale of unrealized gains.
According to CryptoQuant data, this event marked only the fifth time since 2022 that CDD has exceeded 20 million. Each of the previous spikes coincided with significant market downturns.
Analyst warnings
Bitwise analyst André Dragosch commented on the development:
“The transfer of those 80,000 BTC has led to the 2nd highest spike in Coin Days Destroyed (CDD) ever recorded. The movement of large volumes of older coins usually tends to be a bearish signal for Bitcoin.”
Alex Thorn of Galaxy Research noted that similar CDD surges—such as those following the Mt. Gox asset distribution and US government recovery of stolen Bitfinex funds—were followed by sharp price declines. Thorn added:
“We haven’t heard the full story on these 80,000 BTC yet… and may never.”
While some suggest the transfer could be due to wallet restructuring or security upgrades, the historical pattern of Coin Days Destroyed spikes remains a point of concern for the market.