Bitcoin On-Chain Analysis: Value Days Destroyed Multiple

The creator of this metric is https://twitter.com/TXMCtrades This chart shows Value Days Destroyed Multiple, and a toggle in the legend to view the Value Days Destroyed Ratio. Value Days Destroyed (VDD) is equal to Coin Days Destroyed * Price, the motivation for this definition is to adjust Coin Days Destroyed's definition for both spending activity and price variance over time. Value Days Destroyed Ratio is equal to the 30 day SMA of VDD divided by the 365 day SMA of VDD. In this way we create an oscillator that compares short term deviations of VDD from long term deviations. Lastly, the Value Days Destroyed Multiple is equal to the VDD Ratio * (Current Supply / Maximum Total Supply), in this way we normalize for the rise in supply and lifespan (and thereby coin days) over time. The Maximum Total Supply for BTC is 21 million, for LTC 84 million. As DOGE's maximum supply is unlimited, we set VDD Multiple = VDD Ratio. Data provided by: https://coinmetrics.io/ Into The Cryptoverse