Every age group gets asked the same thing, one at a time: what share of its own holdings is it pushing through the market, ahead or behind. Drawn as a grid with the most ancient coin along the bottom, it exposes which groups are leaning hardest by their own standards.

Against their own size is the entire design. In raw dollars the young bands swamp everything, holding most of the turnover as they do, and a genuinely rare move from a decade-old cohort vanishes underneath them.

What it actually measures

Each cell reports how hard one cohort was pressing on one day relative to what it holds. Stronger colour means harder, and a cohort that put nothing through is left clear rather than painted as zero.

The headline reading draws only on the bands from a year upward. Younger coin churns perpetually and says very little about conviction, whereas the older bands belong to the most patient owners around.

A second setting scores every square against what that group has done before, rather than reporting the share itself. Deep bands shift minute portions as a matter of course, so they sit washed out on the first setting and blaze on the second only when their tempo is genuinely odd.

Sitting on a fortune and doing nothing exerts no pressure

Being far ahead and being under pressure are separate facts that get run together constantly. A group sitting on an enormous gain and doing nothing about it exerts no pressure at all, whatever its position looks like.

Only the second of those moves price. What this measures is how much of itself each group is putting through the market, and a band barely in profit that is realising a large share of its capital matters far more than one deep in profit that is asleep.

What it does not tell you

The transfer ambiguity runs through everything here. A migration inside one owner’s wallets registers as that cohort pressing hard, and at the ancient end is exactly where a false reading does most damage.

Cohorts are populated by the age of coins and not by decisions. Supply crosses a band boundary because time passed, which shifts what a band holds without anybody choosing anything.

A rare pace is not a forecast. The most patient bands have pressed hard near cycle tops and also without one following, so this describes an unusual condition rather than dating anything.

How to read it

Long-held supply pressing hard. The most patient owners are putting through a share of their capital they seldom reach, which has gathered near cycle tops.

Long-held supply pressing. Seasoned coin has picked up its tempo without yet reaching anything unfamiliar.

Long-held supply quiet. The older bands are calmer than their own history, and whatever is going through belongs to younger coins.

Sell-Side Risk by Age sits on the Profit & Loss dashboard beside Sell-Side Risk Ratio, Who is Spending and Profit-Pain Frontier.

Common questions

What does a single cell report?

One age band on one day: how much that band put through the market relative to the capital sitting in it. Stronger colour means harder pressing, and a band that moved nothing is left clear.

What separates this from the frontier view?

One establishes whether a group is parting with coin above or beneath what it handed over. This establishes what proportion of itself a group is parting with, and pressure lives entirely in the second.

Why compare a band against its own size?

Because in raw dollars the young bands swamp everything, holding most of the turnover as they do. Scaling each band to what it holds is what lets a rare move from a decade-old cohort register at all.

What does the scored setting change?

Every square gets measured against what that group has done before rather than reported as a share. Deep bands shift minute portions as a matter of course, so they blaze only when their tempo is truly out of character.

Why does the headline ignore young coins?

Because nothing useful lives there. Coins under a year old churn perpetually, while the bands from a year upward belong to the most patient owners on the network.