HODL Waves Analytics

SQL of the Week 015

What is it?

HODL Waves - a visualization of Bitcoin’s supply structure by coin age. Each “wave” shows what percentage of the Realized Cap is held by coins whose last on-chain transfer occurred within a specific time range.

While most on-chain metrics show price or volume, HODL Waves show holder behavior - who is selling, who is accumulating, and over what time horizon.

Key property: Wave dynamics reflect market cyclicality. In a bull market, short waves expand (active trading); in a bear market, long waves grow (accumulation). This works because coins never lie: UTXO movement is a fact, not sentiment.