HODL Waves Analysis

HODL Waves Analysis is a visualization technique that categorizes the circulating supply of a cryptocurrency based on the last time each unit moved on the blockchain. By grouping these coins into age cohorts, analysts can see the distribution of long-term versus short-term holders.

Younger waves represent active trading and speculation, while older waves indicate high-conviction holders who are not selling. During bull markets, older coins often begin to move as long-term holders take profits.

This analysis provides a unique perspective on the maturity and stability of an asset's investor base. It is a powerful tool for predicting cycle tops and bottoms.