Supply Last Active
Share of circulating supply last moved more than 1, 2, 3 or 5 years ago. The headline value is the > 1 year series: a rise means more coins stay dormant, which does not by itself prove the intent of their holders.
What is it?
Supply Last Active segments supply based on each UTXO's last activity date, with fixed thresholds: 1 year, 2 years, 3 years and 5 years. Unlike HODL Waves which show all bands stacked, this metric allows precise tracking of specific thresholds. Each series is cumulative: 'more than 2 years' is included in 'more than 1 year'. The headline value shown by the chart is the > 1 year series.
How to read
Each line represents the percentage of total supply not moved for at least X years. When lines rise, supply is maturing - holders are not spending. When they fall, old coins are being put back into circulation. Crossovers between different threshold lines can mark behaviour changes at different time scales.
Key zones
The chart carries a fixed reference threshold at 65% for the > 1 year series. Historically, this series has exceeded that level during periods of high dormancy; the threshold is not a forecast. The > 5 year series is a proxy for quasi-permanently withdrawn supply (lost coins + extreme holders), usually stable between 20-25% but with a secular upward trend.
What to observe
A decoupling between thresholds is informative: if > 1 year starts falling but > 3 years stays stable, only 'moderately old' coins are being spent - true long-term holders are holding. If all lines fall simultaneously, it is a stronger indication of widespread redistribution.
Historical context
Supply inactive for > 1 year exceeded 70% in December 2022, a historical record. This level had never been reached in previous cycles, even at the 2015 and 2018 troughs. This suggests a structural evolution in holder behaviour, potentially linked to the normalisation of Bitcoin as a reserve asset rather than a pure speculative instrument.
Expert notes
The secular upward trend of > 5 years necessarily includes Satoshi's coins (~1M BTC) and other likely lost coins. For a purer conviction analysis, it is preferable to look at intermediate bands (1-3 years) which are less contaminated by irrecoverable coins. Supply Last Active > 1 year is often used as a denominator in other metrics (Reserve Risk, Liveliness).
Common mistakes to avoid
Assuming that 'inactive supply = supply that will eventually be sold' is incorrect. A significant portion will never be spent. Also do not confuse this metric with exchange flows: a coin can be moved to a cold wallet (counted as 'active') without any intention to sell.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/metrics/supply-last-active/data?timeframe=90d' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "supply-last-active",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.