Where every coin sits, by how long it's been held.
Each band is the share of total supply last moved within that age window. Long-term holders distribute into tops. Short-term cohorts swell as the supply reshuffles. Reading this chart is reading the conviction of the network.
Illustrative — not live data. HODL Waves require per-age-band UTXO data, which isn't available from our current free on-chain source. The shape below shows the canonical pattern for learning purposes — long-term holders distributing into tops, short-term cohorts swelling near peaks. It will switch to live data only if a free band-level source is connected.
Cycle 5 · supply by age cohort
Reading the chart
When the warm bands (red, orange, yellow) swell, supply is moving — typically a late-cycle signal as long-term holders take profit and coins enter the hands of newcomers.
What bottoms look like
Cool bands (green through violet) dominate. Old supply doesn't move. The 1y+ cohort crossing 70% has marked every cycle bottom on record.
Why this matters
HODL Waves is the most heavily paywalled on-chain chart — Glassnode locks the full history behind their Advanced tier. Here, free, with the cycle context built in.