HODL Wave
A chart visualization showing what percentage of a network's supply last moved within different age bands, used to study holder behavior over time.
A HODL wave is a chart visualization that breaks a network's circulating supply into age bands, based on when each coin last moved on-chain, and shows what percentage of total supply falls into each band over time — a way of visualizing aggregate holder behavior, not just price.
A growing proportion of supply in older age bands generally reflects increasing long-term holding behavior across the network; a shift toward younger bands generally reflects increased recent movement or turnover. See Kaavon's "Introduction to On-Chain Analysis" guide for how this fits alongside other holder-behavior metrics.
Examples
- A HODL wave showing a growing share of supply in older age bands is commonly read as a sign of increasing long-term holding behavior.
- HODL waves visualize aggregate holder behavior across the entire supply, a structurally different lens than price-based charts alone provide.