HODL Wave ExplorerTRINITY EXCLUSIVE
EXCLUSIVE - Interactive HODL Waves with 12 individually toggleable age bands (<1d to >10y), stacked vs independent-lines view, 4 zoom presets (1y/2y/4y/all), and a latest-snapshot summary table showing each band's current value and 4-year min/max range.
Trinity exclusive model
This metric is a proprietary Trinity Insights model. Its formula, inputs, weights and parameters are NOT disclosed. The page documents only the output (bounded scale, interpretation zones, historical context). Access to the score and its time series is via the REST API and the MCP server, subject to the required tier.
What is it?
The HODL Wave Explorer is an interactive visualisation of HODL Waves - the distribution of Bitcoin supply by UTXO age, displayed as stacked area bands. Users can individually select which age bands to display (<24h, 1-7d, 1w-1m, 1-3m, 3-6m, 6-12m, 1-2y, 2-3y, 3-5y, 5-7y, 7-10y, >10y), zoom into any period, and overlay BTC price. The tool allows isolating specific cohorts to examine their supply evolution over any time window.
How to read
Each coloured band represents the percentage of total supply held by an age bracket. Hot bands (<6 months) at the top are 'active' supply - their expansion marks increased activity. Cold bands (>2 years) at the bottom are 'hodled' supply - their expansion marks long-term accumulation. Each band's relative thickness shows what proportion of supply is in that age bracket.
Key zones
Cycle tops are characterised by thick hot bands (many young coins = massive distribution). Troughs are characterised by thick cold bands (coins ageing = patient accumulation). The crossover where cold bands begin contracting after a long expansion marks the start of a new distribution cycle.
What to observe
Isolate the 6-12 month band to identify the 'conviction point': when this band thickens, buyers from 6-12 months ago haven't sold despite fluctuations - a sign of growing conviction. Isolate the >10 year band to see coins considered lost (Satoshi, early miners). Overlay price to visually correlate accumulation and distribution phases.
Historical context
HODL Waves were introduced by Unchained Capital in 2018, popularising UTXO age analysis. The Trinity version adds interactivity: individual band selection (the original displays all bands simultaneously), precise zoom, and price overlay. This interactive granularity transforms a static chart into an analytical exploration tool.
Expert notes
⚠️ Trinity Exclusive Model - HODL Waves do not distinguish holder types: an 'old' UTXO may belong to an exchange that simply hasn't consolidated cold wallets. The >10 year band includes Satoshi's coins (~1.1M BTC) and lost coins, artificially inflating 'long-term hodlers'. The tool offers an estimated 'entity-adjusted' mode that attempts to correct these biases.
Common mistakes to avoid
A cold band contracting does not necessarily mean selling. Coins that move (even between addresses of the same owner) shift to the <24h band and must 'age' again. Internal whale and exchange consolidations create the illusion of distribution when no actual selling has occurred.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/hodl-wave-explorer/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "hodl-wave-explorer",
"timeframe": "1y"
}Required tier: performance. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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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.