Definition. The amount of circulating supply last moved between 6 months and 12 months ago. HODL Waves is a related, normalized metric. Circulating Supply is the related base variant without segmentation.

Technical. For BTC, coin age is measured per UTXO. Other assets use an address-based approach, where coin age is the time since an address's balance-weighted average acquisition time, so each address contributes its full balance to a single age band. The supply shown here is the sum of all balances, so the total across all age bands can differ from circulating supply. For ETH, the beacon deposit contract is excluded.