Despite attention on OG whales selling, Glassnode’s HODL Waves show that long-term bitcoin (BTC) holders are steadily increasing their share of the circulating supply.
HODL Waves track the age of BTC by illustrating the percentage of coins last moved within different timeframes. Recent headlines have highlighted large transactions, including Galaxy moving 80,000 BTC, and selling pressure following BTC surpassing $100,000 over the past year.
However, the data tells a more nuanced story. Coins held 7–10 years now represent over 8.1% of total supply, the highest level since 2019. The 10+ year cohort continues to expand, now controlling roughly 17% of BTC supply, showing sustained accumulation.
By contrast, 5–7 year holders have declined from 10% to 5%, suggesting steady distribution of coins acquired during the 2019–2020 Covid market lows near $3,000.
In summary, while some OG coins are being sold, long-term holders remain a growing force in the Bitcoin market, countering the narrative of widespread old-wallet liquidation.
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