CryptoQuant analyst Darkfost said the current market cycle may be the most active one yet for Bitcoin long-term holders, or LTHs, based on changes seen in a Coin Days Destroyed, or CDD, heatmap. The metric measures how long BTC was held before being spent or moved, and transfers by long-term holders are often associated with selling intent.
According to Darkfost, stronger LTH activity in this cycle may be linked to added market liquidity from spot Bitcoin ETFs and companies building Bitcoin treasury reserves. He also said a rise in CDD should not be read only as a sign of a market top, because it can also reflect capitulation by some holders.
Darkfost added that Coinbase previously moved 800,000 BTC, with a large share of those coins held for more than six months. Such transfers can push CDD higher for a short period, though he described them as isolated events. For now, he said recent Bitcoin gains have led to a slight pickup in LTH activity, possibly because some holders want to lock in quick profits, while overall activity in 2026 remains relatively calm and long-term holders are still waiting.
CryptoQuant analyst Darkfost said the current cycle could be the most active one so far for Bitcoin long-term holders, or LTHs.
He based that view on shifts seen in a Coin Days Destroyed (CDD) heatmap. The metric tracks how many days BTC had been held before it was spent or transferred, and movements by long-term holders are often tied to an intention to sell.
Darkfost said stronger LTH activity in this cycle may be supported by extra market liquidity coming from spot Bitcoin ETFs and from companies that are building Bitcoin treasury reserves. At the same time, he said a rise in CDD does not appear only at market tops and can also point to capitulation from part of the holder base.
He added that Coinbase previously moved 800,000 BTC, and a large amount of those tokens had been held for more than six months. That kind of asset movement can lift CDD over a short period, but he described it as an occasional event.
At present, with Bitcoin having risen recently, LTH activity has picked up slightly, possibly because some holders are seeking quick profits. Still, on the whole, related activity in 2026 remains relatively quiet, and long-term holders are still waiting.
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