Odaily, citing data tracked by Darkfost, said the current Bitcoin cycle may be the most active one so far for long-term holders. The observation is based on the CDD heatmap, a metric that measures how long BTC was held before being spent or transferred. In many cases, transfers by long-term holders are associated with selling intent, though Darkfost noted that a rise in CDD does not appear only near market tops and can also reflect capitulation by some holders. The report added that stronger activity in this cycle may be linked to extra market liquidity from spot ETFs and companies building Bitcoin treasury reserves. It also pointed to Coinbase’s earlier transfer of 800,000 BTC, including a large amount that had been held for more than six months, as an example of an occasional event that can push CDD higher for a short period. For now, with Bitcoin having risen recently, long-term holder activity has increased slightly, possibly as some holders seek quick profits. Even so, Darkfost said overall activity in 2026 remains relatively calm, with long-term holders still waiting.
According to Odaily, data tracked by Darkfost suggests the current cycle may be the most active one yet for Bitcoin long-term holders.
The shift can be seen through the CDD heatmap. CDD measures the holding days accumulated by Bitcoin before the coins are spent or moved. Transfers by long-term holders are often associated with selling intent.
CDD points to stronger long-term holder activity in this cycle
Darkfost said long-term holder activity has picked up in the current cycle. One possible reason is the added liquidity brought by spot ETFs and by companies that have built Bitcoin treasury reserves.
At the same time, a rise in CDD does not only show up near market tops. It can also reflect capitulation from some holders.
Large one-off transfers can also lift the metric
Darkfost cited Coinbase’s earlier transfer of 800,000 BTC as an example. A large share of those coins had been held for more than six months. Asset movements like that can push CDD higher in the short term, though they are considered occasional events.
Overall 2026 activity is still muted
With Bitcoin rising recently, long-term holder activity has increased slightly, possibly because some holders are looking to lock in quick profits. Even so, Darkfost said the broader picture for 2026 remains relatively calm, and long-term holders are still waiting.
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