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 the ancient supply as visually layered age bands: 🟣 Coins aged 10yr+, 🔵 Coins aged 7y-10y, and 🟢 Coins aged 5y-7y.

Technical. Three column series are overlaid such that the visible layers read as disjoint age bands: the total 5y+ supply (purple, the sum of the 5y-7y, 7y-10y and 10y+ bands) sits behind the 5y-10y sum (blue), which sits behind the 5y-7y band (teal). The visible purple segment above the blue therefore corresponds to coins older than 10 years, and the visible blue segment to coins aged 7y-10y. Price is shown in grey for reference.

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. Growth in ancient supply reflects the steady maturation of coins across the 5-year threshold, a structural signature of long-horizon holding and of permanently lost coins accumulating in the oldest band. Flattening or declines in a band are rare and noteworthy, as they imply genuinely dormant supply has been revived.

Notes. Built from Supply Last Active 5y-7y, 7y-10y and more than 10y. The spending side of these cohorts is charted in Ancient Supply Spent Volume 5yr+; the broader age structure is shown in Supply Last Active 1yr+ Age Bands.