Insights

Bitcoin old supply has just surpassed 15 million coins – 78% of the circulating supply

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)” width=”1800″ height=”1013″ srcset=”https://cryptoslate.com/wp-content/uploads/2023/02/circ.jpg 1800w, https://cryptoslate.com/wp-content/uploads/2023/02/circ-300×169.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/02/circ-1024×576.jpg 1024w, https://cryptoslate.com/wp-content/uploads/2023/02/circ-768×432.jpg 768w, https://cryptoslate.com/wp-content/uploads/2023/02/circ-1536×864.jpg 1536w” sizes=”(max-width: 1800px) 100vw, 1800px”><figcaption id=Old Supply Last Active >6m: (Source: Glassnode)
Young Supply Last Active <6m: (Source: Glassnode)
Young Supply Last Active <6m: (Source: Glassnode)

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