Supply-Adjusted CDD
CDD normalized by circulating supply, removing the natural growth bias. Enables meaningful cross-cycle comparison of destruction intensity.
What is it?
Supply-Adjusted CDD divides daily CDD by circulating supply at measurement time. This normalisation corrects the structural bias of raw CDD: as Bitcoin supply grows and coins age, baseline CDD increases mechanically even without holder behaviour changes. SA-CDD thus enables valid cross-cycle comparisons by answering: 'what fraction of existing supply was moved, weighted by age?'.
How to read
Reading is identical to classic CDD but values are comparable between 2013 and 2025. A SA-CDD spike in 2021 can be directly compared to a 2017 spike without supply growth bias. Use a 90-day moving average for structural trends.
Key zones
SA-CDD spikes exceeding levels observed at previous cycle peaks are historically significant. A structurally declining SA-CDD across cycles (at comparable relative price levels) indicates a maturing holder base.
What to observe
Compare SA-CDD levels at each cycle peak: a declining trend across cycles suggests LTH are becoming proportionally more patient. Also watch for divergences between SA-CDD and raw CDD - they reveal whether apparent behaviour is real or a supply growth artefact.
Historical context
SA-CDD shows that relative coin-day destruction at cycle peaks is in structural decline: 2017 and 2021 peaks were lower in adjusted terms than 2013. This reflects the growing HODLer base and the proportional decrease in short-term speculation.
Expert notes
Supply adjustment is a first-order normalisation. For even finer comparability, some researchers also adjust by network average age ('total existing coin-days') rather than simple supply, which accounts for age structure and not just coin count.
Common mistakes to avoid
SA-CDD does not eliminate all biases: it corrects for supply growth but not for changes in holding patterns (e.g., custodian adoption). Comparing cycles solely via SA-CDD without considering market structure evolution remains reductive.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/supply-adjusted-cdd/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "supply-adjusted-cdd",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.