Analyst: Bitcoin rally drives slight uptick in long-term holder activity, 2026 overall remains relatively calm

BlockBeats news, September 13 — CryptoQuant analyst Darkfost posted that this cycle may be the one with the most frequent activity from Bitcoin long-term holders (LTHs). He observed related changes through the CDD (Coin Days Destroyed) heatmap, an indicator that tracks the number of days BTC was held before being spent or transferred; LTHs transferring BTC is usually associated with an intention to sell.

The increased LTH activity in this cycle may be due to greater market liquidity brought by spot ETFs and companies building Bitcoin treasury reserves. However, a rise in CDD does not only appear at market tops; it may also reflect capitulation by some holders.

He added that Coinbase previously transferred 800,000 BTC, a large portion of which had been held for more than 6 months. Such asset migrations can also cause a short-term rise in CDD, but they are occasional events. Currently, with Bitcoin's recent rally, LTH activity has increased slightly, possibly because some holders want to take quick profits; but overall, related activity in 2026 remains relatively calm, and long-term holders are still waiting.