Recent data has illuminated a startling fact: a whopping 88% of Bitcoin's total supply has not budged in at least three months.
A Glassnode chart illustrating Bitcoin HODL Waves reveals layers of investor behavior over time, with the colors representing different periods that Bitcoins have been held. The predominance of cooler hues confirms that the majority of Bitcoin has not been traded or sold for extended periods, reinforcing the scarcity narrative.