Definition. Given the infamous volatility of Bitcoin markets, coins aged 5yr or more are typically owned by HODLers who are very experienced in market cycles (or they are lost). These coins are spent very infrequently, and represent just a small fraction of daily transfer volume (if any). We refer to these colloquially as Ancient coins. This chart presents their spending: 🟣 Spent BTC Volume aged 10yr+, 🔵 Spent BTC Volume aged 7y-10y, 🟢 Spent BTC Volume aged 5y-7y, and 🔴 the Total USD Value of Spent Coins aged 5yr+.

Technical. The three age bands are the native Spent Volume Lifespan (SVL) metrics, plotted as columns in BTC terms. The USD trace converts their sum at the prevailing price:

• Total Spent Volume 5yr+ [USD] = (SVL(5y-7y) + SVL(7y-10y) + SVL(>10y)) x Price

Interpretation. These coins may have been acquired, whether by mining, or on secondary markets, at much cheaper prices. As such, when these coins are spent, it can represent very large USD-denominated values at modern prices. Ancient spending is rare enough that individual spikes are meaningful events: they can reflect long-dormant whales or early miners repositioning, custodial migrations, or estate movements. Clusters of elevated ancient spending during strong rallies have historically flagged profit-taking by the market's oldest hands, while isolated spikes outside of trends more often reflect internal transfers than sell pressure — pairing with exchange-inflow data helps distinguish the two.

Notes. Built from Spent Volume 5y-7y, 7y-10y and more than 10y. The held-supply counterpart is Ancient Supply Last Active 5yr+; broader old-coin spending is charted in Spent Old Coin Volume > 6m.