Realized Cap HODL Waves
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
About this metric
What it measures
Realized Cap HODL Waves split unspent Bitcoin into 12 holding-age bands, from < 24h through 10y+, and value each output at its creation-time USD price. Each band is divided by total realized cap and shown as a percentage, measuring the age distribution of recorded cost basis rather than raw BTC supply.
How to read it
A larger young-band share means more dollar cost basis is concentrated in recently moved outputs; growth in older bands shows that recorded capital has remained unspent as it ages. The 2y–3y band reached about 34.04% on November 29, 2023, while the 3y–5y band reached about 15.77% on November 5, 2024. Such waves help trace the persistence of capital across years.
Expensive recent coins get much greater weight than cheap early coins, so this chart can look very different from supply-based HODL Waves. Shares also change as coins age or total realized cap changes; wallet reorganizations can make old capital look new without a market trade. These bands record last movement, not investor identity or a promise to keep holding.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Supply
- Type
- Breakdown
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
FAQ
How are Realized Cap HODL Waves calculated?
For each unspent output, multiply its BTC amount by the USD price when it was created. Add those values within each age band, divide by total realized cap and convert to a percentage.
Why is the 10y+ band so small compared with ordinary HODL Waves?
Very old coins generally carry low historical prices, so their contribution to recorded dollar cost is small even when their BTC quantity is substantial. Ordinary HODL Waves give every BTC equal weight.
Do coins move between these bands without any transaction?
Yes. An output enters the next band when it reaches that age, carrying its existing cost basis with it. A wave moving into older bands can therefore reflect continued inactivity rather than fresh investment.
