For today’s analysis, we will explore the crypto market narrative guided by the conclusions of the “Days Destroyed” (DMD) indicator.

Over the past two weeks, the spent supply of older short-term coins has been reactivated in greater quantities. This is what the DMD ST represents.

It is interesting to monitor this, as unlike the movements of spent ST supply, which can sometimes be insignificant, the DMD gives more weight to transactions involving older and higher-volume coins.

The target for this type of activity on the Bitcoin network is currently the peak reached in March, leaving considerable bullish targets ahead.

If you notice, this metric is perfect for detecting tops and bottoms based on the spending of coins in profit or loss, focusing on the activity of short-term investors.