ONCHAIN On-Chain · Updated February 2026 · ~4 min · For TradingView desktop 3.2.1
Reading Bitcoin HODL Waves and Coin-Age Distribution
HODL Waves split total Bitcoin supply into color bands by time since last moved (coin age): warmer bands are "younger" (recently moved), cooler bands "older" (dormant). It reveals who holds and who's moving.
Two holder types
- Long-term holders (LTH, age >155 days): more rational, more reluctant to sell — the market's ballast; they distribute at highs and accumulate at bottoms;
- Short-term holders (STH): more emotional, chase and dump — the main source of volatility.
Signals
- Old coins reawakening (cool bands shrinking): long-term holders starting to move/sell — common in bull-market distribution;
- Rising share of young coins: active turnover, new money — a mid-to-late bull feature;
- Rising share of old coins: in a bear, coins settle into long-term hands, building for the next cycle.
Tip: HODL Waves are a slow, cyclical view, not for timing. With realized price and miner metrics, they sketch where you are in the cycle.