On-chain coin age bands reveal the distribution story: roughly 35% of BTC supply hasn't moved in 4+ years, while coins aged 1-3 months represent only 8-12% of circulating volume. When older bands activate during volatility, it signals either capitulation or strategic repositioning, not random noise. The current 50-day range compression correlates with minimal movement from the 2-4 year age cohort, suggesting conviction holders are patient.
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