Bitcoin's Rising HODL Wave Masks Aging Supply, Not Fresh Accumulation

Bitcoin's share of supply that has not moved in at least one year reached 63.3% on September 18, up from 62.32% a month earlier, according to Maketo's HODL-wave data.

This rise is due to coins entering older bands as they remain still long enough to cross the boundary, rather than new demand or fresh accumulation.

The one-to-two-year band grew to 14.57% of supply from 13.52%, while the six-to-twelve-month band shrank to 17.53% from 19.10% over the same period.