Let's take a look at the HODL Waves to find out who was selling and who was HODLing. unchained-capital.com/hodlwaves/
![](https://pbs.twimg.com/media/ETUp5QuX0AQffCa.jpg)
The 12-18 month band INCREASED by .01%, or ~1,826 BTC. HODL.
.14%, or ~ 26,000 BTC from 18-24 month
.05% , or ~9,132 BTC from 2-3y
The 3-5 year band was flat. Totally apathetic.
.02%, or ~3,650 BTC from the >5y band moved. Maybe not lost after all!
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