HODL Waves (Supply by Coin Age)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
About this metric
What it measures
HODL Waves group Bitcoin's circulating supply by coin age, the time since each coin last moved on-chain, into 12 bands from under 24 hours to over 10 years. Each band shows its share of supply, and all bands add up to 100%.
How to read it
When the young bands under three months widen sharply, many older coins are changing hands, which has historically happened in euphoric bull market phases. When bands older than a year keep expanding, holders are sitting tight, typical of bear markets and sideways accumulation. Coins bought around a price peak form a wave that shifts into older bands as they age.
The oldest bands contain many lost or long-dormant coins and thicken naturally with time, while wallet reshuffles by exchanges and custodians can suddenly make old coins look young. Read the chart for the direction of structural change, not for short-term timing.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Supply
- Type
- Breakdown
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
FAQ
Why is the 10y+ HODL Waves band empty before 2019?
The Bitcoin network launched in January 2009, so no coin could be more than 10 years old until 2019. The band has grown since then as coins mined in the early years continue to sit unmoved.
What does a sudden widening of the young bands mean?
A large amount of previously older supply has moved on-chain. That can be long-term holders selling, or simply exchanges and custodians reorganizing wallets, so it is worth checking exchange inflows and Long-Term Holder Supply alongside it.
How do HODL Waves relate to Long-Term Holder Supply?
Both are built on coin age. Long-Term Holder Supply gives a single total using a threshold of about 155 days, while HODL Waves show the full age structure. Since 155 days falls inside the 3m–6m band, the two do not map onto each other band by band.
