Definition. The total circulating supply of a digital asset, segmented into age cohorts that span from hot supply (recently moved coins) through cold supply (older, dormant coins). HODL Waves is a related, normalized metric.

Technical. Breakdown metrics use an address-based approach, analyzing transactions and holdings at the individual wallet-address level to support comparability across digital assets and consistent analysis across blockchain architectures. This contrasts with the UTXO-based approach used for chains like Bitcoin, so metrics for UTXO-based assets may show slight deviations across the two computational methods. The supply shown here is the sum of all address balances, so the total across all age bands can differ from Circulating Supply. 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. For ETH tokens, burn addresses are excluded.

Interpretation. Thickening older cohorts reads as coin maturation and HODLer dominance, while thickening younger cohorts reads as new-buyer activity or distribution from older holders into young hands. Surfaces the age distribution of total supply, a proxy for market maturity and stability. Answers questions of the form: is the majority of supply held in older coins (a mature market) or in newer coins (a growing market)?