Waiting for the light green bottom signal to reappear #Bitcoin: Value Days Destroyed Multiple (VDD Multiple) is an on-chain Bitcoin metric used to measure the ratio of short-term spending velocity to the long-term average, thus helping to identify potential tops and bottoms in market cycles. It is based on Coin Days Destroyed (CDD), the number of days coins have been destroyed (giving higher weight to long-term inactive Bitcoin to reflect the behavior of long-term holders), multiplied by the current Bitcoin price to obtain Value Days Destroyed (VDD). The VDD Multiple is calculated as: 30-day VDD average divided by 365-day VDD average. When VDD Multiple < 0.75 (light green area in the chart), it reflects a decrease in the short-term spending velocity relative to the annual average, indicating reduced activity from long-term holders selling older coins and lower overall market spending activity. This typically suggests the market is in a cooling-off period, an accumulation phase, or a potential cyclical bottom. Long-term holders are more inclined to hold rather than sell, potentially indicating relative undervaluation or a buying opportunity. Note: The current high level of this indicator is due to Coinbase's recent address cleanup. This data pollution will be eliminated 30 days after the event.