As Bitcoin trades above $88,000, price watchers continue to call cycle tops based on volatility and short-term sentiment swings. But when the focus shifts to on-chain behaviour — particularly dormant coin movement — the picture becomes clearer, and far less reactive.

The Value Days Destroyed (VDD) Multiple offers one of the cleanest views into the conviction of long-term holders. And right now, that metric is telling a simple story: the most experienced wallets are not moving. They are not selling into strength. And they are not signalling distribution.