Definition. This chart presents the BTC supply which is Older than 6m 🟦 — the volume of coins that have remained dormant on-chain for at least six months, shown alongside price.

Technical. Old supply is computed by combining the age-band metrics above the six-month threshold:

• Old Supply = Supply Last Active 1y+ + Supply Last Active 6m-12m

where the 1y+ component is the percent-of-supply metric scaled by circulating supply.

Interpretation. Based on our research, coins which have not transacted for at least 5-6 months are considerably less likely to be spent on any given day. This cohort of coins are often referred to as Old Coins, or Long-Term Holders (for our entity-adjusted Professional variants). This broad cohort of coins tends to swell and contract in line with market cycles:

• Old Coins typically swell in volume ↗️ during bearish market trends, reflecting a net transfer of coin wealth from newer investors and speculators, back towards patient longer-term investors (HODLers). It signifies a decreasing volume of active supply, and is often associated with declining on-chain economic activity.

• Old Coins typically contract in volume ↘️ during bullish market trends, as profits are taken, and coin wealth transfers from longer-term investors, back towards newer market participants and speculators. It signifies a growing volume of active supply, and is often associated with elevated on-chain economic activity.

Notes. Built from Supply Last Active 1+ Years Ago, Supply Last Active 6m-12m and Circulating Supply. See the mirror-image Young Supply Last Active < 6m, the relative view in Percent Young vs Old Supply, the 30-day flows in Old Supply Net Position Change, and this cohort's spending in Spent Old Coin Volume > 6m.