CVDD — Cumulative Value Days Destroyed — is an on-chain price floor for Bitcoin created by analyst Willy Woo. Across Bitcoin's history, price has only rarely and briefly closed beneath this line, which makes it a useful reference for deep-value zones.
Rather than reacting to short-term price, CVDD is built from the movement of long-dormant coins, giving it a slow, steadily rising floor that tends to sit far below the market during bear-market lows.
What is CVDD?
CVDD is derived from a concept called Coin Days Destroyed (CDD). A "coin day" accumulates for every coin held without moving — one coin held for one day equals one coin day. When that coin finally moves on-chain, the coin days it accumulated are "destroyed," and that destruction is valued at the price on the day of the move.
By summing this destroyed value across all of history and dividing it down, CVDD produces a line that represents a coin-age-weighted cost basis for the network. Because it gives weight to the conviction of long-term holders, it forms a floor the market has historically respected.
How CVDD is calculated
CVDD = Σ (Coin Days Destroyed × price) ÷ (market age in days × 6,000,000).
The numerator accumulates the dollar value of all coin days destroyed over time. The denominator divides by the age of the market in days and a fixed constant of 6,000,000, which Willy Woo calibrated so the resulting line acts as a historical floor. The result rises slowly and smoothly, and the distance between live price and this floor is a quick read on how stretched — or how cheap — the market is.
How CVDD has acted as a Bitcoin price floor
In past deep bear markets — including the 2015 and 2018 lows and the March 2020 crash — Bitcoin's price fell toward the CVDD line but rarely closed below it for long. That is why CVDD is often described as a floor rather than a typical indicator: it marks the level at which long-term-holder cost basis has historically halted declines.
Because CVDD is a price level (in dollars) rather than a 0-to-1 score, the most useful read is the percentage distance between today's price and the floor. The smaller that gap, the closer the market sits to a level that has historically been hard to break.