Definition. This chart presents the two supply regions defined within the Cointime Economics framework, drawn as stacked bands against the Circulating Supply they partition, alongside price:

• Vaulted Supply — the yellow band, measured from zero — is an equivalent sum of Bitcoin that has never been spent, the unspent coin volume required to generate the cumulative coinblocks stored within the network. It may be considered the coin volume that is completely dormant and not actively participating in the Bitcoin economy.

• Active Supply — the blue band above it, closing the gap to the total — is an equivalent sum of Bitcoin that has experienced a complete expenditure of all its accumulated cointime. It is the economically meaningful coin volume actively participating in the Bitcoin economy.

Technical. The regions are derived by weighting Circulating Supply with the cumulative cointime state variables:

• Vaulted Supply = Vaultedness x Circulating Supply = (1 - Liveliness) x Circulating Supply
• Active Supply = Liveliness x Circulating Supply

The two are drawn stacked, so their common ceiling is Circulating Supply and the split between them is read directly off the boundary between the bands. Liveliness and Vaultedness are carried on the chart as hidden inputs.

Interpretation. The Active/Vaulted split re-weights the supply by its accumulated dormancy rather than by discrete age bands. Growth in Vaulted Supply driven by falling Liveliness reflects wealth migrating into deep cold storage, characteristic of accumulation regimes; growth in Active Supply driven by rising Liveliness reflects previously dormant coins re-entering circulation, characteristic of distribution regimes. Part of each region's growth is simply new issuance being sorted between the two, which the decomposition charts isolate.

Notes. Built from Liveliness and Circulating Supply. The underlying state variables are charted as Liveliness and Vaultedness. Vaulted Supply is the same quantity Glassnode publishes as Hodled or Lost Coins, first introduced by Adamant Capital. The drivers of changes in each region are decomposed in Active Supply Change Decomposition and Vaulted Supply Change Decomposition. Developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest, with full details available in two formats: an overview primer (Version I published via ARK) and a comprehensive guide for specialists (Version II published via Glassnode).