Bitcoin On-Chain Analysis: HODL Waves
Benjamin Cowen Benjamin Cowen
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 Published On Mar 16, 2024

HODL Waves are bands that reflect what percentage of supply has been unused in a transaction for a certain period of time. For example, the “1-7 Days” band is the percent of total supply that's been held for at least 1 day but less than 7 days, “7-30 Days” is the percent of supply that's been held for at least 7 days but less than 30 days, and so on. The long-term age bands therefore show supply that has not moved for relatively long periods. The "greater than 10yr" age band shows the percentage of supply that has not moved in over 10 years. LTH stands for the Long-Term Holder band which accumulates bands of coins that have not moved in over 6 months. STH stands for the Short-Term Holder band which represents coins that are younger than 6 months.

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