📊 This cycle was likely the one where LTHs were the most active. On this Heatmap, LTH activity is visible through the evolution of CDD (Coin Days Destroyed). It’s a simple indicator that calculates the number of days a BTC was held before being moved (Spent UTXO). The premise is the following —> when BTC is moved by LTHs, it’s very often linked to a selling intention. Their activity intensified during this cycle, likely thanks to available liquidity enabling it, notably with the arrival of ETFs and companies that built up BTC treasury reserves. However, we can see that the increase in this activity doesn’t only occur at tops; some capitulation episodes are worth noting. On the other hand, BTC movements such as Coinbase’s, with 800,000 BTC moved, a large number of which had been held for more than 6 months, can also cause the CDD to spike suddenly, but this remains anecdotal. Currently, LTHs have slightly increased their activity with Bitcoin’s recent rise, likely drawn by quick profits, but overall 2026 remains fairly calm on that front. The LTHs are waiting.