Definition. Shows where supply has moved over the past quarter, comparing the 90-day change in long-term holder supply, short-term holder supply and exchange balances.

Technical. Each series is the simple 90-day difference in the underlying balance, denominated in BTC: long-term holder supply, short-term holder supply, and total exchange balance.

Interpretation. The three series describe one redistribution: coins maturing into the long-term holder cohort, coins moving back into short-term hands, and coins arriving at or leaving exchanges. Long-term holder supply falling while short-term holder supply and exchange balances rise is the signature of a distribution phase — old supply being handed to new buyers.