• Long-term holders have begun to distribute their coins.
• On-chain data suggested that Bitcoin was overheated.

Bitcoin’s [BTC] Coin Days Destroyed (CDD) has hit a five-year high, according to data from CryptoQuant. Maartunn, an author of the on-chain analytic platform, also discussed this in a recent piece.

Coin Days Destroyed measures the number of days Bitcoins have been inactive multiplied by the volume transacted.

Historically, when the CDD hits a peak on the 60-day Moving Average (MA), it means that long-term holders are distributing their coins.