Last updated on November 22
The Realized Cap HODL Wave is a derivative of the HODL Waves Chart, but differs in that it shows the contribution of each age band to the overall Realized Capitalization of the market. Realized Capitalization (Cap) represents the total USD value of all coins at the time they were last moved.
Thus, the chart summarizes the value of the coins at the price when they were last used (when they were “realized”) and serves as an aggregate cost basis for all current coins. This essentially filters out coins that have not moved in a long time, accounting for dormant or lost coins, providing a more realistic picture of market sentiment, cost-basis distribution, and profit-taking pressures.
Why is it Important?
Compared to other HODL Wave charts, the Realized Cap HODL Waves Chart shows how capital is flowing between short-term and long-term holders. Swelling in the young bands can indicate a FOMO stage, where a significant amount of new money is flowing into the market. In contrast, when larger, older bands emerge, it indicates an increase in smart money, which is often associated with market stability and maturity.
The Realized Cap HODL Waves chart is the most effective HODL Waves chart for understanding where capital is concentrated, as well as investor conviction.
How to Read the Chart:
The Market Price of KAS (The White Line) tracks the daily price of KAS in USD, plotted on the right-hand y-axis. This allows you to compare price action with changes in holding behavior over time.
The Age Bands (The colored waves) represent the percentage of the relative contribution KAS Supply grouped by how long each coin has remained unmoved. Each color corresponds to a specific age band.
The bands are stacked and sorted by age group, progressing from younger coins in bright pink/red at the bottom to older holdings in yellow/green toward the top. The x-axis displays the timeline from Kaspa’s inception to the present, while the vertical thickness of each band at any point shows the percentage of the total Realized Cap held by coins of that group. The sum of all bands always totals 100% of the circulating supply on any given day.
Want to Learn More?
To learn more about token holder sentiment through the distribution of long-term and short-term holders, check out our other HODL Wave charts, like the original HODL Wave Chart, the 6+ Month HODL Wave Chart, and the 1+ Year HODL Wave Chart.