Part 3/12:
The movement triggered a flood of analyses, with the on-chain metric “Coin Days Destroyed” (CDD) spiking to historic levels. This metric tracks how long coins have been held before moving, and the sudden surge indicated that some of the earliest, most patient coins were being spent or transferred. Typically, such an event might be followed by panic selling or a sharp price decline, but shockingly, Bitcoin’s price stabilized after the initial jitters.
This unexpected resilience prompted two pressing questions: Where did the $8 billion go? And who was behind this monumental move?