Bitcoin HODL waves
How long bitcoin has been held: all coins grouped by the time since they last moved on the blockchain.
HODL waves today
Compiled by SBZ from public blockchain data. Updated twice a day.
The share of all bitcoin by how long ago it last moved, weekly since 2019. Growing older layers mean holders are keeping their coins; when the young layers swell, older coins are being sold to new buyers.
What are HODL waves?
HODL waves split all bitcoin by the time since each coin last moved on the blockchain, from under a month to over ten years. Each coloured layer is one age band, as a share of all bitcoin. The older layers are coins their holders have kept through rallies and sell-offs; the younger layers are coins that recently changed hands.
How to read it
When the older layers grow, holders are keeping their coins and fewer are available to buy. When the young layers swell, long-held coins are being sold to new buyers, which has tended to happen in strong rallies. In this data, the share of bitcoin unmoved for over a year rose from about 53% at the start of 2019 to a high of about 70% in late 2023, during the bear market, then fell as holders sold into the 2024 rally. It is about 64% today.
Limits
Coins that move between a holder’s own wallets, or between exchange wallets, look young even if no one sold. Some old coins are lost for good and will never move, which keeps the oldest layers growing slowly over time.
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Frequently asked questions
What does HODL mean?
Crypto slang for holding rather than selling, from a misspelt 2013 forum post. HODL waves show how long coins have actually been held.
What does a rising long-term share mean?
More coins are staying put, so holders are not selling. This has typically built up in bear markets and quiet periods.
What does a growing short-term share mean?
More coins are changing hands. In rallies, it usually means long-term holders are selling to new buyers.
How much bitcoin has not moved for over a year?
The live figure is shown at the top of this page; it was about 64% in early November 2026.
For information only, not investment advice. Figures are updated automatically and can differ slightly between data providers.