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BTC - Coin Age Cohorts, Supply Percentage (Hodl Waves)

Description

The Bitcoin Coin Age Cohorts as Supply Percentage (Unadjusted) age bands, aka Hodl Waves, show the percentage of total BTC supply that hasn't moved for a given period of time. Any UTXO movement of coins resets their age to zero (red). As time passes, coins that do not move progress up the age grades. This shows distribution patterns of long-term holders.

Data is updated daily for this metric, 00:00 UTC.

Bitcoin's USD Market Price is included for reference.

Pseudocode

for each day in blockchain:
  cohort.range := [<1d, 1d-7d, 7d-14d, ...]
  for each cohort.range:
    cohort.sum := sum(utxo.satoshis) from utxo_table where utxo.age within cohort.range
    (x,cohort,y) := (day, cohort.range, cohort.sum)

Technical Info

BTC Coin Age Cohorts as Supply Percentage (Unadjusted) shows the distribution of ages for the entire coin supply. As coins move, their ages reset to zero (red) immediately, and slowly climb the ranks sitting idle. Long-term holder behavior patterns can be partially discerned here; their spending shows up immediately, but their accumulation follows the same slow road as shorter-term holders.

Fluctuations in this metric are more indicative of market sentiment than network activity.

  • Data is updated daily for this metric, 00:00 UTC.
  • Data is based on transactions (unadjusted).
  • We are currently working on adjusted variants of this metric.
  • Concept developed by Dhruv Bransal of Unchained Capital.

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