How far BTC price is trading above its CVDD structural floor, expressed as a ratio.
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CVDD (Cumulative Value-Days Destroyed) was created by Willy Woo in 2019. It tracks how much economic "time value" is destroyed every time a coin changes hands: when a coin that's been held for a long time finally moves, it destroys a large number of "coin-days" — and the longer it sat and the higher the price when it moves, the more value-time it represents.
CVDD = (Cumulative sum of daily Coin-Days-Destroyed × price, since 2009-08-03) ÷ (Days since then × 6,000,000)
The 6,000,000 divisor is an arbitrary calibration constant chosen by the original creator to bring the line into the right scale relative to price. The chart above still plots both raw lines — BTC price (colored by zone) and the CVDD floor itself (bright green) — but the headline number is now the ratio between them: Price ÷ CVDD. A ratio of 1.0x means price is trading exactly at the floor; every major cycle bottom in Bitcoin's history has landed within a few percent of that line.
Because CVDD is a cumulative sum, it only ever grinds upward — it reacts to the entire history of coin movement, not just recent activity, which is why it moves so slowly and has held as a genuine floor under price on every single day since August 2009. As the ratio climbs, price has run further above the structural floor, leaving more room to fall without breaking new structural ground; every major cycle top has occurred at a steep multiple of the floor.
CVDD pairs well with Reserve Risk Adjusted — both are built from coin-days-destroyed, but Reserve Risk is a fast-moving oscillator normalized against its own history, while this ratio is anchored to a slow, cumulative structural floor in actual dollar terms.