Definition. This chart presents the percentage of the Circulating Supply which has transacted within the last 6 months (Young Supply 🟥) alongside the percentage of the Circulating Supply which has remained dormant for longer than 6 months (Old Supply 🟦). The two columns are complementary and sum to 100% at all times.

Technical. The split is derived from the age-band supply metrics:

• Percent Old = (Supply Last Active 1y+ + Supply Last Active 6m-12m) / Circulating Supply 🟦
• Percent Young = 1 - Percent Old 🟥

Price is shown in grey for reference.

Interpretation. The two cohorts carry very different spending propensities:

• 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).

• Coins which have transacted within the last 5-6 months 🟥 are the most likely to be spent on any given day. This cohort of coins are often referred to as Young Coins, or Short-Term Holders (for our entity-adjusted Professional variants).

Because the chart is normalized, it isolates the relative balance between active and dormant supply across cycles: the old-supply share ratcheting upward is characteristic of accumulation phases and deepening HODLing, while expansions of the young share flag wealth transfer toward new market participants, typical of bull-market distribution.

Notes. Built from Supply Last Active 1+ Years Ago, Supply Last Active 6m-12m and Circulating Supply. The absolute versions are charted in Young Supply Last Active < 6m and Old Supply Last Active > 6m.