Bitcoin News Today: Bitcoin On-Chain Activity Surges 28 Million Coin Days Destroyed

Bitcoin’s on-chain activity has intensified over the past few days, with the leading cryptocurrency by market cap hitting successive new all-time highs (ATHs). This surge in activity has sparked renewed interest from both long-term holders and recent participants, as indicated by several key metrics.

One notable metric is Bitcoin’s Coin Days Destroyed (CDD), which has surged significantly over the past week, climbing to 28 million. This metric measures the movement of older coins by multiplying the number of coins moved by how long they were held. A spike in CDD indicates that long-dormant Bitcoin is being spent or transferred, often signaling strategic shifts by long-term holders. Historical data shows that CDD spikes typically precede strategic shifts, such as large holders redistributing supply or repositioning portfolios, often appearing near cycle midpoints or local tops.

In addition to the rising CDD, Bitcoin Net Realized Profit and Loss (NRPL) has also recorded a steep climb, recently surging past $4 billion, the highest level since Q2 2025. NRPL measures the difference between the price at which coins were bought and the price at which they are sold or moved on-chain. A high positive NRPL indicates investors are realizing profits, while a negative NRPL suggests widespread selling at a loss, often tied to market fear or capitulation. As NRPL hits levels not seen since early Q2 2025, it suggests that Bitcoin whales and recent buyers are actively taking profits. Despite the increased profit-taking, BTC’s price has remained relatively stable, trading between $116,000 and $120,000.

The lack of a sharp price pullback amid such profit-taking points to two possible scenarios – either demand remains strong enough to absorb sell pressure, or a delayed correction could be on the horizon. The current wave of profit-taking differs from late June, when NRPL showed a mix of realized losses and modest profits, suggesting capitulation from late buyers while older holders quietly accumulated. Today, the narrative flips: profits dominate, while older coins flow.

While the absence of a sharp decline despite significant realized profits may signal strong underlying demand, recent exchange data raises some concerns. Notably, Bitcoin inflows to crypto exchanges have seen a sharp uptick. Conversely, other sentiment-tracking indicators suggest that despite BTC’s new highs, retail hype remains subdued – unlike in previous ATH phases – implying potential for further upside. At press time, BTC trades at $116,760, down 2.6% in the past 24 hours.