Supply Last Active ≥ 3Y shows what share of current supply has remained unspent for at least three years. This threshold begins to isolate deeper dormancy, where supply has stayed inactive well beyond shorter participation windows and into multi-year holding behavior.
A rising line means more supply is aging into deeper inactivity. A falling line means some of that older held supply has started moving again. It is most informative with ≥2Y and ≥5Y, where the question is whether dormancy is broadening or becoming structurally deeper.
The key caveat is depth. This series moves less often than the lower thresholds, so changes tend to be more selective and more structural, but it will not respond as early to shifts in newer long-term holding.
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