Definition. This chart presents the aggregate spent volume of coins which were older than 6m when they moved on-chain, shown as columns with a 7-day EMA overlay (blue) and price (grey).

Technical. The trace sums all Spent Volume Lifespan (SVL) age bands above six months:

• Spent Old Volume = SVL(6m-12m) + SVL(1y-2y) + SVL(2y-3y) + SVL(3y-5y) + SVL(5y-7y) + SVL(7y-10y) + SVL(>10y)
• 7D-EMA = ema(Spent Old Volume, 7)

Interpretation. These older coins historically represent a minority of day-to-day transaction volume, and thus changes in their spending patterns can signal shifting market trends and investor sentiment. In periods where older coins are spent in large volumes, it indicates that previously dormant supply is re-entering liquid and active supply, and may suggest a shifting in aggregate positioning by longer-term holders.

• Uptrends and Higher Values ↗️ indicate an increase in spending volume by longer-term holders. This can signal an aggregate return of long-dormant coins back into the pool of active and liquid supply.

• Downtrends and Lower Values ↘️ indicate a decrease in spending volume by longer-term holders. This can signal that holders of older coins are increasingly reluctant to spend holdings, and/or an aggregate decline in overall on-chain economic activity.

Notes.

💡 Hint: Spent volume metrics can be paired with Unspent supply models for a more complete picture. For example, where spending volume of a cohort is elevated, but total supply is unchanged, it indicates a larger degree of internal transaction 'churn' is taking place. Another case is where large volumes of older coins are spent, and young coin supply subsequently increases, suggesting a net transfer of wealth is taking place.

Built from the Spent Volume Lifespan age-band metrics. The unspent counterpart is Old Supply Last Active > 6m; the young-coin equivalent is Spent Young Coin Volume < 6m, and both are overlaid in Old vs Young Coin Spent Volume.