Bitcoin one-year HODL share rises to 63.3% on Sept. 18

Maketo’s HODL-wave data shows Bitcoin’s share of coins that last moved at least one year reached 63.3% on Sept. 18, up 0.98 percentage points from 62.32% on Aug. 18. A separate snapshot for Sept. 18 recorded matching values for key age bands.

The one-to-two-year band rose to 14.57% of supply from 13.52%, an increase of 1.05 percentage points over the month. The six-to-twelve-month band fell to 17.53% from 19.10%, a decline of 1.57 percentage points. Coins that last moved within one month represented 7.03% of supply on Sept. 18, down from 7.30% a month earlier.

HODL-wave analysis groups unspent transaction outputs by the time since their last on-chain movement. Under that method, an unmoved output advances into older age bands as it crosses each threshold, while any on-chain movement resets the output to the youngest cohort.

On-chain age data do not identify who controls coins or the reasons for transfers. Transfers between wallets controlled by the same individual or custodian can reset an output’s age without changing beneficial ownership. Permanently lost coins remain in older bands. In November 2025, Coinbase warned that an internal wallet migration would generate large on-chain volumes unrelated to market trading.

Analysts use entity-adjusted balance changes, exchange inflows and outflows, and spending patterns to assess whether changes in age distribution reflect reduced available-for-sale supply or simple aging of outputs. Those measures lie outside the HODL-wave age data and are needed for further assessment.