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

Technical. The trace sums the Spent Volume Lifespan (SVL) age bands between 1 hour and 6 months (1h-24h, 1d-1w, 1w-1m, 1m-3m, 3m-6m); volume from coins re-spent within the same hour is excluded, filtering out very short-lived churn:

• Spent Young Volume = SVL(1h-24h) + SVL(1d-1w) + SVL(1w-1m) + SVL(1m-3m) + SVL(3m-6m)
• 7D-EMA = ema(Spent Young Volume, 7)

Interpretation. These 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.

• Uptrends and Higher Values ↗️ indicate greater economic activity, elevated attention, and growing network participation.

• Downtrends and Lower Values ↘️ indicate reduced economic activity, declining attention, and contracting network participation.

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 Young Supply Last Active < 6m; the old-coin equivalent is Spent Old Coin Volume > 6m, and both are overlaid in Old vs Young Coin Spent Volume.