Bitcoin Whales Hold Strong as Binance CDD Hits Lowest Since 2017

Bitcoin has declined below $91,000 following the Federal Reserve's interest rate cut by 25 basis points, initially causing volatility in risk assets. Despite a bearish short-term market reaction, on-chain data reveals a different picture.

The Exchange Inflow Coin Days Destroyed (CDD) metric on Binance, a key indicator for long-term holder behavior, has fallen to its lowest level since September 2017 at 380.
This low CDD value indicates that BTC moving onto exchanges is mainly from short-term traders, not long-term holders, suggesting that veteran holders are not selling despite Bitcoin trading near cycle highs.

Long-Term Holders Show Strong Conviction

With BTC trading around $89,600, there's a divergence between price action and long-term holder behavior.
Historically, high CDD values have signaled market tops as early investors take profits. Currently, the low CDD suggests a lack of selling interest from long-term holders.
This reduces overhead resistance and may lead to bullish expansions, with whales showing confidence despite short-term volatility.

Bitcoin Price Action: Testing Support Amid Weak Momentum

Bitcoin stabilizes above $90,000 after a sharp decline, compressed between the 200-day (support) and 100-day (resistance) moving averages.
Higher lows near the $89K–$90K region indicate buyer defense, but rejection from the 100-day MA shows a broader bearish trend.
Volume analysis shows weak buy-side conviction despite the rebound, reflecting cautious market sentiment post-rate cut.
If Bitcoin loses the 200-day MA, support lies near $84K. A close above the 100-day MA at $98K would signal bullish momentum returning.