HODL Waves

Data analysis showing waves of people holding bitcoin for ever-increasing periods of time
The colored bands show the relative fraction of Bitcoin in existence that was last transacted within the time window indicated in the legend. The bottom, warmer colors (reds, oranges) represent Bitcoin transacting very recently while the top, cooler colors (greens, blues) represent Bitcoin that hasn’t transacted in a long time. Bitcoin’s money supply grew from 50 BTC to ~18.5M BTC over this time period, so the chart has been normalized by the BTC in existence at each date (left y-axis). The black line shows the USD/BTC price (logarithmically, right y-axis). Chart provided and supported by Glassnode Studio based on prior work by @jratcliff [Direct Link]

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The bitcoin data science series

Unchained cofounder Dhruv Bansal’s three-part series that dives into the public bitcoin dataset to uncover important learnings.

Go spelunking in the HODL Cave!

The latest entry in our Bitcoin Data Science series, titled HODL Cave, goes deep analyzing the spread of historical returns for investors who held bitcoin for a given duration over the course of its history.