Definition. This chart overlays the aggregate spent volume of both the Old (> 6m) 🔵 and Young (< 6m) 🔴 coin supply, together with their 7-day EMAs and the Old / Young Spent Volume Ratio (%) as a black line.

Technical. Both cohorts sum their Spent Volume Lifespan (SVL) age bands (young: 1h to 6m, excluding sub-hour churn; old: 6m to >10y), each smoothed with a 7-day EMA. The ratio trace compares the two smoothed series:

• Old-to-Young Spent Volume Ratio (%) = ema(Old 7D-EMA / Young 7D-EMA x 100, 30)

Interpretation. The two cohorts play very different roles in on-chain volume:

• Younger coins 🔴 historically represent the vast majority of day-to-day transaction volume. As such, the magnitude and relative change in spending volume tends to mirror the degree of economic activity which is taking place on-chain.

• 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.

Spikes in the Old / Young Spent Volume Ratio (%) generally occur during both bullish fervor, as previously dormant supply begins to realize profits in large volume, as well as during capitulation events, where previously dormant coins de-risk in volume.

Notes. Built from the Spent Volume Lifespan age-band metrics. The single-cohort views are charted in Spent Young Coin Volume < 6m and Spent Old Coin Volume > 6m; the corresponding held-supply split is in Percent Young vs Old Supply.