TechFlow reported on January 9 that according to the latest report from Glassnode, Bitcoin's (BTC) VDD multiple continues to remain in a low range, indicating that the market is still in an accumulation phase.
The analysis shows that the current market condition reflects limited spending by long-term holders and low distribution pressure, which is seen as a positive signal.
Glassnode noted that the market is digesting previous price gains in a "structurally constructive manner," a pattern typically regarded as healthy market behavior.
PS: The VDD Multiple (Value Days Destroyed Multiple) is a key on-chain Bitcoin metric used to measure the ratio of short-term spending velocity against the long-term average. This indicator helps investors understand market behavior and potential trends.
