Definition ∞ HODL wave analysis is an on-chain metric that segments the total circulating supply of a cryptocurrency, typically Bitcoin, based on the last time coins moved from one address to another. This analysis visualizes the proportion of coins held by different age groups, from short-term speculators to long-term holders. It provides insights into market sentiment and investor behavior across various time horizons.
Context ∞ HODL wave analysis is a key tool for understanding the macro-level holding patterns within a digital asset’s ecosystem. Its situation often indicates phases of accumulation or distribution, with expanding older waves suggesting strong holder conviction. A critical future development involves refining these analytical techniques to account for more complex on-chain activities, offering even deeper insights into market structure.
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