Supply-Adjusted CDD

CDD per BTC in circulation — normalizes destruction for supply growth across market cycles

Property	Value
Category	Coin Days
Unit	coin-days/BTC
Resolution	1d
Assets	BTC
Tier	Basic
API Endpoint	GET /v1/coindays
Field	supply_adjusted_cdd

Overview

Supply-Adjusted CDD (SA-CDD) normalizes daily Coin Days Destroyed by the circulating supply, producing a per-coin destruction metric comparable across Bitcoin's entire history. As Bitcoin's supply grew from 1M to 19.8M BTC, raw CDD values naturally inflated — the same percentage of supply moving creates proportionally more coin-days destroyed. SA-CDD corrects for this, enabling direct comparison of destruction events across different market epochs.

This is essential for long-term trend analysis: a CDD spike in 2012 with 10M circulating BTC is not directly comparable to a spike in 2026 with 19.8M BTC. SA-CDD puts them on equal footing.

Formula

$$\text{SA-CDD}_t = \frac{\text{CDD}_t}{S_t}$$

Where:

• $\text{CDD}_t$ is Coin Days Destroyed on day $t$
• $S_t$ is the circulating supply on day $t$

Interpretation

• SA-CDD spikes that match or exceed prior cycle peaks indicate destruction events of comparable economic significance, regardless of supply growth
• Declining SA-CDD peaks across cycles would suggest decreasing proportional turnover — evidence of maturing HODLer base
• Rising SA-CDD floor over time indicates increased baseline spending activity per coin, potentially from growing on-chain economic usage
• Cross-cycle comparison: SA-CDD makes 2013, 2017, 2021, and 2025 cycle peaks directly comparable on the same scale

Use Cases

• Fair cross-epoch comparison: Compare destruction events from 2012 vs 2025 without supply inflation distorting the picture
• Cycle peak magnitude analysis: Are destruction peaks getting larger or smaller relative to supply? Answers the question of whether each cycle sees more or less aggressive distribution
• Long-term behavioral trends: Track whether Bitcoin holders are collectively becoming more or less active over time on a per-coin basis
• Input to normalized indicators: SA-CDD can serve as a building block for supply-normalized versions of Dormancy, Binary CDD, and other destruction derivatives

API Usage

curl -H "Authorization: Bearer YOUR_API_KEY" \
  "https://api.blocklens.co/v1/coindays?start_date=2024-01-01&end_date=2024-12-31&limit=365"

Related Metrics

• Coin Days Destroyed — Sum of coin age × amount for all spent UTXOs per day — a fundamental measure of on-chain economic activity
• Binary CDD — Binary signal for above-average coin-day destruction — filters noise from raw CDD
• Circulating Supply — Total BTC ever mined