Supply Last Active ≥ 10Y shows what share of current supply has remained unspent for at least ten years. It is the deepest dormancy threshold in this family, so it isolates decade-scale inactive supply rather than ordinary long-term holding.
A rising line means more supply has crossed into ultra-old dormancy. A falling line means some of that decade-old supply has finally moved and reset younger. It is most useful with ≥5Y and HODL Waves, where the question is extreme dormancy rather than general aging.
The key caveat is inertia. This line usually moves slowly, and meaningful declines are rare, so it is a structural read on ultra-old supply rather than a fast indicator of changing market activity.
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