Definition. This chart presents the BTC supply which is Younger than 6m 🟥 — the volume of coins that have transacted on-chain within the last six months, shown alongside price.

Technical. Young supply is computed as the remainder of circulating supply after removing all coins older than six months:

• Young Supply = Circulating 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 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). This broad cohort of coins tends to swell and contract in line with market cycles:

• Young Coins typically swell in volume ↗️ during bullish market trends, reflecting a net transfer of coin wealth from longer-term investors, towards newer market participants, and speculators. It signifies a larger volume of active supply, and greater on-chain economic activity.

• Young Coins typically contract in volume ↘️ during bearish market trends, reflecting a net transfer of coin wealth from newer investors and speculators, back towards longer-term investors (HODLers). It signifies a decreasing volume of active supply, and declining on-chain economic activity.

Notes. Built from Circulating Supply, Supply Last Active 1+ Years Ago and Supply Last Active 6m-12m. See the mirror-image Old Supply Last Active > 6m, the relative view in Percent Young vs Old Supply, and the spending behavior of this cohort in Spent Young Coin Volume < 6m.