This chart presents the BTC supply which is Older than 6m 🟦

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 tend 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.