CDD + dormancy — Coin-days destroyed and dormancy (avg age of spent coins)
Coin Days Destroyed tracks when Bitcoin supply becomes active: CDD + dormancy. It is designed to distinguish fresh spending from the movement of long-dormant coins.
Spikes = long-dormant coins moved on-chain (experienced holders acting). The supply-adjusted variants make readings comparable across cycles.
A coin moving on-chain does not prove a sale. Internal transfers, custody changes and wallet maintenance can produce activity without a market transaction.