HODL Waves split Bitcoin’s current supply into age bands based on how long coins have remained unspent. The chart is built from the UTXO set and expresses each cohort as a share of supply, so it describes where coins are sitting now rather than which coins were spent today.
Expanding young bands mean a larger share of supply has moved recently. Expanding old bands mean coins are aging in place. It is most useful for reading supply dormancy, reactivation, and broad market structure, especially beside spent-age metrics that track movement rather than held supply.
The key distinction is held supply versus spent supply. HODL Waves can show older cohorts shrinking only after dormant coins are spent and reset into young bands, so the chart should not be read as a direct measure of today’s turnover.
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