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Exclusive BTC On-Chain Analysis: HODL Waves Show Medium-Term Sellers

2 mins
Updated by Kyle Baird
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In Brief

  • Spent outputs between one-six months are increasing.
  • Spent outputs between one-five years have stayed constant.
  • The RHODL Ratio is below its yearly high.
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BeInCrypto takes a look at on-chain BTC data, more specifically the HODL wave and Spent Output Age Bands, in order to determine the age of the bitcoins that are currently being transacted.

Both these indicators show that the majority of selling this year has been done by short and medium-term holders.

The HODL wave is used to show the percentage of BTC that has moved in a specific time period.

The color settings are:

  • Warm colors represent BTC that have been transacted recently – Red, Orange, Yellow
  • Cold colors represent BTC that have not been transacted recently – Light Yellow, Green, Blue

From the beginning of the year, the biggest change in bands has occurred in the one month-three month (orange) and three month-six month (light orange) bands.

The former went from 17.5% to 32.3% (represented by the black vertical lines) while the latter from 7.29% to 20.35% (represented by the white vertical lines).

Relative to the beginning of the year, long-term holders (one year+) are doing less selling.

Therefore, the majority of the BTC selling this year has been done by short and medium-term holders.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for...