HODL Wave data groups bitcoin by age since it was last moved from one wallet to another.
In this example we are looking at the percentage of all bitcoins that have not been moved from one wallet to another for at least 1 year.
This is a good example of blockchain analysis as we are looking at blockchain data to identify when bitcoins were last sent.
For example, we can see the proportion of 1yr+ coins decreases as price climbs up towards a new cycle high. This is, in part, due to people who have been holding onto coins for over 1 year deciding to cash in some profit, so they sell the coins and those coins are no longer classified in this analysis as 1yr+. Therefore the 1yr+ HODL (orange line) drops as price (blue line) increases.
This specific view was created by Philip Swift .
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