The Bitcoin HODL Waves metric, created by Unchain Capital and tracked by Glassnode, shows a 17% increase in the percentage of unspent transaction outputs (UTXO) over five years over the past six months. The HODL Waves metric tracks the UTXO age distribution.
As a result, the percentage of UTXOs older than 5 years has risen sharply recently, indicating the aging of unspent outputs, suggesting that some investors are still holding on to their holdings during the market downturn.
Joe Brunett, chief analyst at Blockware Solutions, responded to Capriole CEO Charles Edwards calling the aging of UTXOs a bullish development, calling the UTXO figures evidence that long-term holders are accumulating Bitcoin at the fastest pace in eight years.