On a guest timeline, you'll see the below graphs:
Graph 1 - Earned Points - This is a total count of earned points and redeemed points from a lifetime perspective.
Graph 2 - Redeemable/Redeemed - Redeemable indicates the current redeemable balance available for use. Think of this as what is available to use right here, right now.
Redeemed - this is the lifetime count of points that have been redeemed.
The totals from Graph 2 add up to equal the total in Graph 1