Spent Volume Aged 6m–12m

What it measures

Spent Volume Aged 6m–12m counts the BTC in outputs spent each day after six to twelve months without moving. This BTC-per-day flow covers coins older than the conventional 155-day long-term threshold but younger than one year.

How to read it

A rise highlights increased spending from holdings that have stayed still for at least half a year; a fall shows less activity from that age group. On April 20, 2024 the reading was only 167.3 BTC, the year's minimum, while the December 6 maximum was about 129,714 BTC. The large range shows why a halving date by itself does not describe the rest of a year's spending.

These outputs can reflect earlier purchases, custody deposits or self-transfers, so six months of inactivity is not proof of investor conviction. Spending can rise as a large batch of earlier outputs reaches this window, and a decline can accompany ageing into the 1y–2y band. Use supply-by-age context rather than treating every flow change as a behavioural shift.