Bitcoin$80,823.30+2.37%
OverviewAre People Buying or Selling?HODL Waves

HODL Waves

Who's holding, who's selling, and for how long?

Updated 12 hours ago
Supply Breakdown
Holders winning
29.1%
39.3%
31.6%
29.1% Short-Term— Less than 6 months old. This is the "hot" Bitcoin that's actively being traded.
39.3% Patient Holders— Held 6 months to 5 years. These buyers are sitting tight.
31.6% Diamond Hands— Hasn't moved in 5+ years. Some of this Bitcoin may be lost forever.
Holders winningWhat this means

People are holding on tight. The share of recently-traded Bitcoin has been shrinking over the past month — fewer people are selling. When this happens, it usually means the market is in a quiet 'wait and see' phase. In past cycles, stretches like this came before the next big move up.

Short-Term Holders
29.1%↓ 31.0→29.1%
Fewer coins changing hands. Buyers are turning into holders.
Patient Holders
39.3%↑ 37.7→39.3%
More people choosing to hold. Patience is building.
Hot Supply (≤1 month)
6.1%↓ 6.9→6.1%
Activity is normal — nothing unusual.
Key Numbers
Held 1 Year or More
The share of all Bitcoin that hasn't been touched in over a year. When this goes up, it means people are refusing to sell.
59.5%
Diamond Hands (5yr+)
Bitcoin that hasn't moved in at least 5 years. These owners have sat through multiple crashes and booms.
31.6%
Lost Coins (10yr+)
Untouched for a decade. A big chunk of this is probably gone forever — forgotten passwords, lost hardware, or Satoshi's original coins.
17.2%
New Believers (6m–2yr)
People who bought somewhat recently and haven't sold. This is where you see new long-term holders forming.
23.0%
This Cycle (1–3yr)
Coins bought during the current cycle that are still being held. Shows how much of this cycle's buying turned into real conviction.
17.0%
All 11 Age Bands
Age BandShareDistribution
Less than 1 day		1.2%
1 day – 1 week		1.4%
1 week – 1 month		4.6%
1 – 6 months		19.4%
6 months – 1 year		13.5%
1 – 2 years		11.6%
2 – 3 years		5.7%
3 – 5 years		10.2%
5 – 7 years		6.7%
7 – 10 years		8.3%
10+ years		17.4%

Understanding HODL Waves

Think of this as a demographic chart for Bitcoin's entire supply. Every coin gets sorted into an age bracket based on when it last moved: less than a day old, 1 day to 1 week, all the way up to 10+ years. Each bracket shows what percentage of the total supply falls into that age range.

During bear markets, the young brackets shrink and the old brackets grow. That means coins are aging — people are sitting on their hands and refusing to sell. Visually, you can see the supply flowing from 'young' to 'old' as committed holders absorb coins and let them sit.

During bull markets, the pattern flips. Old brackets shrink and young brackets swell. Long-term holders are selling to newcomers, which resets those coins' age to zero. You can literally watch the supply flowing from 'old' to 'young' as experienced holders hand off their coins.

One of the most useful signals here is the 6–12 month bracket. When it starts growing fast, it means a big group of buyers from about 6–12 months ago are holding strong. This 'graduation' of new buyers into intermediate holders is a sign of real, structural demand that supports continued price growth.