Bitcoin Long-Term Holder Activity Sees Slight Recovery, Overall Calm in 2026

CryptoQuant analyst Darkfost suggests that this cycle may be the most active for Bitcoin long-term holders (LTH). Observing the CDD (Coin Days Destroyed) heatmap, this metric tracks the number of days BTC is held before being spent or transferred, with long-term holders transferring BTC typically indicating a selling intention. The increase in LTH activity may be attributed to market liquidity brought by spot ETFs and companies building Bitcoin treasury reserves. However, the rise in CDD is not only seen at market peaks but may also reflect capitulation behavior from some holders. Darkfost also mentioned that Coinbase previously transferred 800,000 BTC, a significant portion of which had been held for over six months; such asset migrations can temporarily boost CDD but are considered isolated events. Recently, Bitcoin has risen, leading to a slight increase in LTH activity, as some holders may wish to realize quick profits. However, overall, activity related to LTH remains calm in 2026, with long-term holders still waiting.

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