One exceptional day shapes the yearly view
Observed: The largest daily total was 340.2 million BTC-days on Nov 22, 2025, about 26 times the daily mean for Oct 27, 2025 through Oct 26, 2026.
Context: The median day was 9.1 million BTC-days, compared with a mean of 13.3 million. 257 of the 365 days were below the mean. Large spikes pull the average upward, so the mean is not a typical-day benchmark. These comparisons describe the full fixed window; the time controls only change the portion shown.
Sources: Dune query and calculation
The same amount of bitcoin can carry very different ages
Observed: Spending a 1 BTC output after 10 days contributes 10 BTC-days; spending 1 BTC after 1,000 days contributes 1,000 BTC-days. These are formula examples, not observed transfers.
Context: That weighting is the point of CDD: it distinguishes recently moved bitcoin from outputs that have remained unspent longer. A small amount of old bitcoin can contribute more CDD than a much larger amount moved recently.
Sources: Bitcoin input values and origin references
Use a spike to choose a date to investigate
Observed: A daily total shows when unusually large amounts of coin age were spent. It does not identify the owners or explain their reasons.
Context: Start with the date and magnitude, then inspect transaction-level evidence if the question concerns an exchange transfer or a change of ownership. Self-transfers, change and exchange wallet reorganizations can all spend old outputs. This raw chart does not separate those cases.
Sources: Dune query and calculation
Compare the same version of CDD
Observed: These bars show raw daily CDD, without entity filtering, supply normalization or a moving average.
Context: Before comparing another chart, check its daily boundary and whether it removes internal transfers, smooths the series or adjusts for supply. Those choices can change both the level and the shape. This is a fixed historical capture, not a live feed.
Sources: Dune query and calculation
What the calculation checks establish
Observed: All 365 UTC dates are present. The retained query counted 386,326,980 spent inputs. Within each UTC day, total input count equals distinct input identity count; daily checks also report no missing or ambiguous origins, negative BTC values or future origin heights.
Context: Those are checks on the retained Dune result, not an independent audit of every input or full-chain coverage. Bitcoin block timestamps are not strictly increasing. We count negative elapsed times as zero age and retain the diagnostics: 216,977 inputs are affected, adding 542.75 BTC-days versus the signed formula, about 0.000011% of this window’s total.
Sources: Dune query and calculation · Bitcoin block timestamp rules · ChainQuery CDD method