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

  • last valid supply over a year ago đź”´
  • last valid supply over 2 years ago đźź 
  • 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.
SLAs: (Source: Glassnode)
SLAs: (Source: Glassnode)
Price drawdown from ATH: (Source: Glassnode)
Price drawdown from ATH: (Source: Glassnode)

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

By Jules

Leave a Reply