Definition. This chart reflects the Realized Price for the Old Supply cohort (coins last active more than 6 months ago), modelling the average price at which each coin in this cohort last transacted. It presents two traces: the Old Supply Realized Price 🔵, reflecting the average on-chain acquisition price for coins which have not moved in the last 6 months, and the Old Supply MVRV 🟠, reflecting the average unrealized profit/loss multiple held within the Old Supply cohort. Spot price is shown in dark grey.

Technical. The Old Supply is measured as the supply last active more than 1 year ago plus the 6m-12m age band. Its cost basis is estimated by accumulating each day's increase in old supply, valued at the price from ~6 months prior (the price at which those maturing coins were last liquid):

• Old Supply = Supply Last Active >1y + Supply Last Active 6m-12m
• Old Supply Realized Price = cumsum(daily increase in Old Supply x Price 180 days ago) / Old Supply
• Old Supply MVRV = Price / Old Supply Realized Price

Interpretation. The Old Supply cohort represents the holdings of more patient, higher-conviction investors. Its realized price rises when large volumes of coins mature into the cohort at elevated prices, and is insensitive to short-term churn. An Old Supply MVRV well above 1 indicates dormant capital carries substantial unrealized profit — an incentive for distribution that grows through bull markets — while values near or below 1 indicate even long-dormant coins hold little profit, a condition characteristic of deep bear markets where seller exhaustion typically develops.

Notes. Built from Supply Last Active 1+ Years Ago, Supply Last Active 6m-12m and Circulating Supply. Companion charts: Young Supply Realized Price and MVRV and the combined view Old/Young Supply Cost Basis.