• The HODL Waves indicator created by Unchain Capital and tracked by Glassnode shows that the percentage of unspent transaction outputs (UTXO) older than five years has increased by 17% in the past six months.
• This indicates aging of unspent outputs, a sign of some investors maintaining their coin stash during the market swoon.
• Joe Burnett, head analyst at Blockware Solutions, called the aging of UTXOs a bullish development.

Bitcoin has been the subject of much attention over the past few years, with its volatile price movements and its role in the wider blockchain world. Now, data from the Bitcoin blockchain is providing evidence that some investors have been HODLing during the recent bear market.

The HODL Waves indicator, created by Unchain Capital and tracked by Glassnode, has recorded a sharp rise in the percentage of unspent transaction outputs (UTXOs) older than five years. UTXOs are the amount of cryptocurrency someone has after executing a transaction. Every BTC transaction creates a UTXO, and its age indicates the block it was first included in and the last time the said bitcoin was moved. The increase in the percentage of UTXOs older than five years suggests that some investors have been holding their coin stash during the bear market.

Joe Burnett, head analyst at Blockware Solutions, has noted the bullish implications of this data. He commented that “the aging of UTXOs is a sign of HODLing and is a bullish development”. This further supports the idea that some investors have been confident in Bitcoin’s long term prospects, despite the bear market.

The HODL Waves indicator is an important tool for understanding Bitcoin’s market movements. It provides insight into the behaviour of Bitcoin investors and offers evidence for the trend of HODLing during bear markets. This data is a testament to Bitcoin’s continued strength and resilience, with investors showing faith in its long term potential.