Long-term holder share of supply
the share of all bitcoin held over five months
What fraction of all bitcoin has been sitting still for more than 155 days. It peaks near the bottom of bear markets and troughs near tops.
DefinitionLong-term holder supply / circulating supply.
Limit155 days is a convention borrowed from the industry, not a boundary in the data. Age is per output, not per owner: consolidating coins or receiving change resets the clock on bitcoin nobody sold.