Class 2016 Hodlers
UTXOs born in 2016 - early-adopter cohort tracked across two dimensions: supply held (BTC, left axis) and realized cap (USD cost basis, right axis). A reference baseline for measuring conviction across multi-cycle holders. Class 2016 dominance over total supply is visible as a layer on the Birth-Year Supply multi-layer chart.
What is it?
This metric isolates the cohort of UTXOs created in 2016 - the year preceding the historic 2017 bull market - and tracks it across three complementary dimensions: supply held (BTC), realized cap (sum of USD acquisition costs), and dominance (% of total supply). A 'class 2016' cohort contains only UTXOs mined that year which have never been spent since. It represents a generation of early adopters whose behavior has become a benchmark of long-term conviction.
How to read
Three overlaid curves: (1) Supply in absolute BTC (left axis, downward values indicate distribution), (2) Realized Cap in USD (secondary right axis, growing with the average acquisition price during partial spends), (3) Dominance as a percentage of total supply (typically low - around 5-7%, slowly declining via mechanical dilution from new issuance). Halving markers (2016, 2020, 2024) frame the three complete cycles this cohort has traversed.
Key zones
A class 2016 supply nearly stable across cycles indicates maximum conviction - these holders traversed the 2017 and 2021 bull markets without yielding to realisation pressure. An accelerated supply decrease (distribution to other cohorts via spends) at a cycle peak indicates capitulation of OG holders, a historically reliable marker of bull-market end. Slowly declining dominance is mechanical (issuance dilution).
What to observe
Track the Supply curve's inflection: as long as it remains flat, the cohort is in strong hibernation. A sharp drop (>5% over a few months) historically marks a cycle top. The Realized Cap dimension grows mechanically with partial spends (each spent coin exits the cohort, releasing the statistic toward other cohorts). Comparing class 2016 dominance to the class 2017 cohort allows measuring the concentration of pre-bull vs bull holders.
Historical context
Class 2016 was born during the post-bear 2014-2015 accumulation phase (low around $170 mid-2015) and before halving 2 (July 2016). It thus includes coins mined under the 25 BTC subsidy at very low prices - a structurally low cost basis that makes this cohort particularly resilient in bear markets. Its behavior across the 2017 and 2021 cycles serves as a benchmark for evaluating younger cohorts' conviction.
Expert notes
The class_2016_* cohort is a deterministic full-node-indexed aggregate from the Bitcoin blockchain (sum of UTXOs filtered by creation year). The B11 SOP §1.2 exception (native birth-year cohorts) applies. Trinity audit tolerance 1.5% - the cohort is mature (9+ years) with strong statistical stability.
Common mistakes to avoid
Class 2016 supply represents only a fraction of total supply; do not confuse this dimension with total supply nor with broader cohorts. Class 2016 realized cap reflects only the acquisition costs of still-unspent UTXOs from that year - it is not the historical market value in 2016. Declining dominance does not indicate active distribution: it is primarily the mechanical consequence of dilution by new post-halving issuance.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/class-2016-hodlers/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "class-2016-hodlers",
"timeframe": "1y"
}Required tier: performance. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.