Supply Last Active ≥ 2Y shows what share of current supply has remained unspent for at least two years. It is a narrower dormancy threshold than ≥1Y, so it filters out younger long-term holders and focuses on supply that has stayed inactive through a longer cycle window.
A rising line means more supply is surviving beyond two years without moving. A falling line means part of that older dormant stock has been spent and reset younger. It is most useful with ≥1Y and ≥3Y, where the question is how quickly dormancy deepens.
The key distinction is selectivity. This threshold is less reactive than ≥1Y but still broad enough to move within ordinary cycle history, so it sits between general long-term holding and deeper structural dormancy.
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