Thread by @unchainedcap

1/ What week for #bitcoin!
Let's take a look at the HODL Waves to find out who was selling and who was HODLing. unchained-capital.com/hodlwaves/

2/ The volatility certainly didn't come from the >5y HODLers. Are those coins lost or do those bitcoiners have hands of steel?

Over the course of the last year the percent of >5y coins has increased from 20.37% > 21.65%, or by ~233,800 BTC

3/ A majority of the volatility came from UTXOs 6 months old or younger. Between 3/11 and 3/15, assuming 18.265m BTC, here's how much moved:

.64%, or ~116,900k BTC from 1-3 month
1.36%, or ~248,400k BTC from 3-6 month
.51%, or ~93,200 BTC from 6-12 month

4/
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!

5/ Let us know what you think, and thanks for surfing the HODL Waves with us this week!

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