Supply Rcap Hodlwave Bycohort Rcap Hodlwave Bycohort
Bitcoin
This shows the realized-cap HODL waves split into long-term and short-term holder cohorts.
Why it matters
It reveals how invested capital is divided between conviction and reactive holders.
How it is built
Realized-cap-weighted supply is grouped into LTH and STH bands over time.
What to watch
A growing long-term-holder capital share reflects accumulation and maturation, structurally bullish.