Share of supply by how long the coins have not moved
Under 6 months
19.1 %
fresh hands
6 months to 2 years
32.1 %
held through one cycle
2 years and more
48.8 %
across cycles, plus lost coins
10 years +7 – 10 years5 – 7 years3 – 5 years2 – 3 years1 – 2 years6 – 12 m3 – 6 m1 – 3 m1 w – 1 m1 d – 1 w< 24 h
Each band shows what share of all bitcoin last moved that long ago. Together the bands add up to 100% of supply, so the chart reads like a geological cross-section: what matters is not how high a line sits but how thick a band is.
When the lower, warm bands swell, old coins are moving into new hands — that accompanied the top of every cycle so far. When the upper, cold bands thicken instead, the market is holding and free supply is drying up; that is what bear markets and early bull phases look like.
The 10 years and older band also contains coins nobody holds the keys to. Lost bitcoin is indistinguishable on-chain from merely forgotten bitcoin, so the oldest band never falls to zero.