Definition. This chart presents the 30-day change in Old coin supply (last active > 6m), rendered as positive 🟢 and negative 🔴 columns, with the Old Supply level and price shown for context.

Technical. Old supply is first reconstructed from the age-band metrics, then differenced:

• Old Supply = Supply Last Active 1y+ + Supply Last Active 6m-12m
• Net Position Change = diff(Old Supply, 30), split into positive (green) and negative (red) columns

Interpretation. The sign of the net position change describes the balance between coin maturation and old-coin spending:

• Positive Values 🟢 indicate a net increase in Old coin supply, suggesting that coins acquired 6 months ago are maturing faster than 6m+ old coins are being spent.

• Negative Values 🔴 indicate a net decrease in Old coin supply, suggesting that the rate of 6m+ old coins being spent exceeds that of coins maturing into this cohort.

Sustained positive regimes are characteristic of accumulation phases, where coins bought in prior months are left dormant; sharp negative excursions typically accompany distribution phases and capitulation events, where long-dormant coins are revived and spent.

💡 Hint: It is important to keep in mind that spending is instantaneous (old --> young), whilst maturation takes time (young --> old), in this case at least 6-months. Thus, positive values on the net position change are comparing current spending, to the maturation of coins that were last moved 6-months ago.

Notes. Built from Supply Last Active 1+ Years Ago, Supply Last Active 6m-12m and Circulating Supply. The underlying level is charted in Old Supply Last Active > 6m, and the spending side in Spent Old Coin Volume > 6m.