This chart shows holder (HODLer) behavior patterns by examining the relationship between the age of unspent coins (UTXOs) that have been held and not moved for 3 years + and KAS’ price action.

An Unspent Transaction Output, or UTXO, is an accounting structure used in Bitcoin and Kaspa to track when a unit of cryptocurrency was last moved, illustrating shifts in ownership over time. 

Why is it Important? 

By observing the HODL Wave in relation to market cycles, one can infer how investor sentiment and behavior shift over time. For example, a rising HODL Wave during price increases may signal growing confidence, while a declining wave during a peak could suggest profit-taking by long-term holders. It provides a macro-level view of HODLing behavior and market maturity, offering valuable insights into supply dynamics, investor sentiment, and potential future price action.

How to Read the Chart: 

The chart components include:

1. The Market Price of KAS (The White Line) plotted over time as displayed on the right-hand y-axis in USD.

2. The 3 years + HODL Wave (The Green Line) represents the percentage of circulating KAS supply that has not moved in at least six months. It is plotted on the left-hand y-axis as a percentage.

3. Price Peaks (Red Dots): These red markers appear at local market tops, indicating moments when the price of KAS was relatively high compared to its surrounding trend. These are potential areas of resistance. 

4. Price Bottoms (Green Dots): These green markers appear at local market lows, indicating moments when the price of KAS was relatively low compared to its surrounding trend. These are potential areas of support. 

Want to Learn More? 

long-term and short-term holders, check out our other HODL Wave charts, such as the original HODL Wave Chart, the Realized Cap HODL Wave chart, and the 6+ Month HODL Wave Chart.