HODL Waves

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 ~17M 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 lovingly made by Nelson Morrow based on prior work by @jratcliff [Direct Link]


Bitcoin Data Science (Pt. 1): HODL Waves

April 17, 2018

Bitcoin Data Science (Pt. 2): The Geology of Lost Coins

May 29, 2018

Bitcoin Data Science (Pt. 3): Dust & Thermodynamics

December 18, 2018