Ethereum (ETHUSD)

[ap17]

HODL WAVES 🌊
Today we’ll be taking a look at the classic HODL Waves metric.

This time for Ethereum.

Each coloured band shows the percentage of ETH that last moved within that time period.

As the colours get cooler, the age bands get older (blue being the oldest, representing coins having last moved 7 - 10 years ago).

This metric can also be used for short-term holders, but we’ll just be focusing on long-term holders today.

onchain
Here’s the breakdown:

6m - 12m: 14.60%

1y - 2y: 15.16%

2y - 3y: 16.41%

3y - 5y: 15.00%

5y - 7y: 10.55%

7y - 10y: 8.88%

That means that ~80.60% of the Ethereum supply has NOT moved for over 6+ months.

That’s an insane amount of the supply not moving. (even more than Bitcoin’s, percentage wise)

That only leaves 19.40% of the supply in the hands of short-term holders. (coins last moved within 6 months)

But there’s a reason why Ethereum has a larger percentage of long-term holders…

And that’s staking!

Ethereum holders are incentivised to lock up their holdings to earn rewards.

(learn more about staking here)

With the recent approval of the Ethereum ETFs, these supply dynamics are ridiculously good.

And when they launch, things could get a little crazy. 🚀