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Definition

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

This broad cohort of coins tends 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.

Quick Take

Long-term holders now hold over 15 million Bitcoin, roughly 78% of the circulating supply.
A higher high has occurred after each cycle, and the cycle’s peak occurs in each bear market.
This puts roughly 4.3m coins in the hands of holders who have held Bitcoin for less than six months.
Young supply peaks during bull markets — as seen in 2013, 2017, and 2021 — and has descended since the 2021 bull market.

Old Supply Last Active >6m: (Source: Glassnode)
Young Supply Last Active <6m: (Source: Glassnode)

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