
Supply Last Active 3m–6m is the BTC balance of unspent outputs whose last on-chain move occurred between three and six months ago. This medium-age band spans the roughly 155-day convention used to distinguish short-term from long-term holdings, so it includes supply on both sides of that boundary.
An increase shows more supply persisting beyond its first three months, while a decline can mean renewed spending or aging into 6m–12m. The band reached about 3.39 million BTC on June 3, 2018; its 2021 maximum was about 2.88 million on June 10. These later readings can carry the footprint of transfers made months earlier, even after market conditions have changed.
The band cannot be treated entirely as either short-term or long-term supply, and crossing 155 days does not cause a transfer. Internal wallet operations reset age, while high-cost coins staying untouched after a decline can enlarge the band without signaling fresh accumulation. Combine it with cohort profitability and older age groups to assess the nature of persistence.
No. The roughly 155-day threshold lies inside this band. Some outputs are younger and some older than that convention, so summing this whole band as long-term supply overstates that age-defined total.
Outputs created during the rally can remain untouched and enter this band once three months have passed. The increase reflects survival of earlier activity, which can occur even if price has since fallen.
No. This chart sums BTC units, while the realized-cap wave weights outputs by their last-move USD price and divides by total realized cap. The same coins can occupy very different supply and capital shares.