As much as 7.91% of Bitcoin's supply - based on UTXOs' creation date - has already changed hands this year. At the same time, 31.34% of the supply was last transacted in 2024. 

How does this compare to other post-halving years?

By February 2017, 13.95% of $BTC supply had changed hands while more than 29.27% of the supply was still coming from 2016.

In 2021, this figure was even higher at this point of the year, amounting to 16.34%, while 27.46% of supply belonged to 2020 buyers.

So 2025's lower turnover can signal both weaker speculative demand but also possibly conviction from 2024 holders - and an expectation of higher prices as the year unfolds.

View Relative Supply by Date Bands