We need some clarification on how that spending speed / holding period is calculated.
Surely cold storage by the big holders accounts for more than that brown bar in 2013.
The title in the chart says '
New bitcoins are much more likely spent....'. It doesn't say
all bitcoins. Suppose every ten minutes when a block is mined you tracked when those coins were spent. Then you would only be measuring the behavior of the mining pools. This chart might just be telling us what the miner pools are doing. Of course they spend the lion share sending to the users contributing to the pool and keep the fees.
sdp