Definition
HODL Waves are a visualization of Bitcoin's circulating supply grouped by the age of its unspent transaction outputs (UTXOs). The chart stacks colored bands, each representing the percentage of supply that last moved within a specific window, from under a day at the bottom through ranges like 1 to 3 months, 1 to 2 years, and up to a decade or more at the top. Originally developed by Dhruv Bansal of Unchained Capital, the bands form sweeping wave patterns as coins age from one bracket into the next.
What the bands reveal
When recently moved supply ages quietly into older bands without being spent, the wider lower bands thin and the upper bands swell, indicating that owners are holding rather than transacting. Conversely, a swelling of the youngest bands shows fresh on-chain activity, supply changing hands and resetting its age. The structure makes long-term holding behavior visible at a glance across full market cycles.
Realized Cap HODL Waves
A widely used variant weights each age band not by coin count but by the Realized Price of the coins it contains, producing Realized Cap HODL Waves (the basis of the RHODL framing). This emphasizes the economic weight of each cohort rather than treating every coin equally, and it underpins age-based valuation studies.
This entry is educational and not trading advice. HODL Waves are a direct visualization of UTXO age, so they connect closely with Coin Days Destroyed and Realized Price.
In Simple Terms
HODL Waves are a visualization of Bitcoin’s circulating supply grouped by the age of its unspent transaction outputs (UTXOs). The chart stacks colored bands, each…