Spent Volume Age Bands split daily spent volume by coin age at the moment of spending. Each band shows how much BTC was spent from outputs that had remained unspent for a specific holding period, so the chart is a spent-side age distribution rather than a held-supply view.
Rising short bands mean recently created coins are turning over again. Rising older bands mean long-dormant supply has started moving. It is most useful for identifying which part of the holder base is supplying coins, especially beside ASOL, revived-supply thresholds, and HODL Waves.
The key distinction is spent supply versus held supply. HODL Waves show where supply is still sitting, while Spent Waves show which part of that supply has just left dormancy. It is therefore not a direct measure of supply-at-rest.
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