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Analyst: Bitcoin’s rise drives a slight rebound in long-term holder activity, while 2026 remains relatively calm overall.

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Mars Finance reported that on September 13, CryptoQuant analyst Darkfost posted that this cycle may be the one with the most frequent activity among Bitcoin long-term holders (LTHs). He observed the relevant changes through a CDD (Coin Days Destroyed) heatmap. This metric tracks the number of days BTC was held before being spent or transferred; transfers of BTC by long-term holders are generally associated with selling intentions.

LTH activity has increased during this cycle, possibly benefiting from greater market liquidity brought by spot ETFs and companies establishing Bitcoin treasury reserves. However, a rise in CDD does not occur only at market tops and may also reflect capitulation by some holders.

He added that Coinbase previously transferred 800,000 BTC, a large amount of which had been held for more than six months. Such asset movements can also cause a short-term increase in CDD, but they are isolated events. Currently, as Bitcoin has risen recently, LTH activity has increased slightly, possibly because some holders hope to take quick profits. Overall, however, related activity remains relatively subdued in 2026, with long-term holders still waiting.

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BubblePhotog
2 hours ago
That 800k BTC spike is too abrupt; we need to clean the data before looking at the trend.
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0xNoodleSoup
3 hours ago
The CDD heatmap really can reveal some things; LTH is showing considerably more activity than before.
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IntervalHunter
3 hours ago
ETFs and treasury reserves have brought liquidity back to life, and the old players are finally willing to lift a finger.
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MacroCannon
3 hours ago
2026 is still a long way off; LTHs are just warming up—the real show is yet to come.
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MarsColonizationW
3 hours ago
First Review
Pretty impressive 👀
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