Definition. HODL Waves weighted by Realized Price. Each band reports the share of USD-denominated cost basis held by coins in that age range, and the bands sum to 100% by construction. Realized Cap is the related base variant without segmentation.

Technical. For BTC, age and cost basis are taken per UTXO. For all other assets, the metric uses an address-based approach: coin age is the time since an address's balance-weighted average acquisition time, so each address contributes its full balance, weighted by its average buy price, to a single age band. For ETH, the beacon deposit contract is excluded. For ETH tokens, burn addresses are excluded.

Notes. This visualization of HODL Waves was first introduced by @typerbole.