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This is the 5-year HODL wave. It shows the percentage of bitcoin that has not moved onchain for at least 5 years.
This metric is also sometimes referred to as Bitcoin supply last active 5 years ago.
It is the specific 5+ years data set taken from the HODL Waves chart.
Looking at this specific 5+ year group helps to highlight the behavior of very long-term participants in the market.
It is also likely that a proportion of these bitcoins have simply been lost i.e. the user no longer has access to the private keys for the wallet containing the bitcoin.
Movements from addresses where the supply has not been active for such a long time tend to be quite rare. It is possible to track large movements of bitcoins from addresses that fall into this category on the Whale Shadows chart.
The original HODL waves concept was developed by Unchained Capital .
Number of coins multiplied by days since those coins last moved on-chain, adjusted for bitcoin supply.
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