Definition. A bundle of all active supply age bands. Each colored band shows the percentage of BTC in existence that was last moved within the time period denoted in the legend, so every vertical slice sums to 100%. Realized Cap HODL Waves is the realized-cap-weighted counterpart.

Technical. For BTC, coin age is measured per UTXO. Other assets use an address-based approach, where coin age is the time since an address's balance-weighted average acquisition time, so each address contributes its full balance to a single age band. Shares are taken relative to the sum of all balances, which can differ from circulating supply. For ETH, the beacon deposit contract is excluded. For ETH tokens, burn addresses are excluded.

Notes. The concept of HODL Waves was first described in the post on HODL Waves by Unchained Capital.