What is HODL waves?
A chart banding the supply by how long each coin has been sitting unmoved.
The bands show what share of supply last moved within a day, a month, a year, five years, and so on. Growth in long-dormant bands is often read as accumulation.
The data underneath — coin age — is real and directly observable. The interpretation is where the assumptions enter: coins moving between a holder's own wallets reset their age exactly like a sale would.
Related terms
Realised cap
A valuation that prices each coin at the value it last moved at, rather than at current spot.
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This definition is part of the Bitcoin Logical glossary. For the fuller explanation, start with Aprender, or see the live numbers on O Sinal Bitcoin.