Supply Last Active 2+ years ago hits over 50% of the circulating supply

meaning

As investors accumulate and store (or lose) coins over time, they can be categorized based on how long it has been since they last moved on-chain.

This chart shows an overlay of multiple Supply Last Active variants, each displayed as a percentage of circulating supply.

• last valid supply over a year ago
• last valid supply over 2 years ago
• last valid supply over 3 years ago
• last valid supply over 5 years ago

These indicators tend to rise as long-term investors accumulate coins. Conversely, as long-term investors spend and distribute their coins, this metric drops, and older coins become young again as they change owners.

quick take

• The last active supply over two years ago reached 50% of the circulating supply for the first time.
• This cohort bought bitcoin during the 2021 bull market, when the price of bitcoin was around $58,000 two years ago.
• All other categories have also recently hit all-time highs.

events that occurred after

• Bitcoin price has fallen 75% from its all-time high.
• In the summer of 2021, China banned Bitcoin mining, after which the hash rate dropped by more than 35%.
• The collapse of FTX and Luna and the looming recession.

The Supply Last Active 2+ year old post represents over 50% of the circulating supply that first appeared on CryptoSlate.