HODL Waves
A visualization banding the supply by how long coins have been held — showing the tug-of-war between old and new holders.
HODL waves are a stacked chart dividing the total coin supply into bands by age — coins last moved within a day, a week, a month, a year, several years. The shifting thickness of each band over time visualizes accumulation and distribution across the whole market.
The patterns are cyclical and revealing: during bull tops, old coins (thick long-held bands) move into new hands, thinning the veteran bands; during bear markets, coins mature untouched and the long-held bands swell as conviction holders accumulate. It’s one of the most intuitive on-chain pictures of who is holding, and it draws directly on the UTXO age data unique to transparent ledgers.