This chart presents the aggregate spent volume of coins which were younger than 6m.

These younger coins historically represent the vast majority of day-to-day transaction volume. As such, the magnitude and relative change in spending volume tends to mirror the degree of economic activity which is taking place on-chain.

• Uptrends and Higher Values ↗️ indicate greater economic activity, elevated attention, and growing network participation.

• Downtrends and Lower Values ↘️ indicate reduced economic activity, declining attention, and contracting network participation.

💡 Hint: Spent volume metrics can be paired with Unspent supply models for a more complete picture. For example, where spending volume of a cohort is elevated, but total supply is unchanged, it indicates a larger degree of internal transaction 'churn' is taking place. Another case is where large volumes of older coins are spent, and young coin supply subsequently increases, suggesting a net transfer of wealth is taking place.