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"Understanding Bitcoin $BTC UTXO Age Distribution (HODL Waves): Chip Accumulation at Cycle Bottoms" The candlestick chart shows instantaneous prices, while the Unspent Transaction Output age distribution (HODL Waves) reveals the lifecycle of chips held by holders over different periods. Deducing bull and bear market evolution through chip accumulation time: 1. Continuous rise of old chips (held > 1 year): During prolonged consolidation and bottoming phases, short-term speculative chips gradually settle into long-term holders. Bitcoin $BTC held unmoved for over 1 year often exceeds 65%~70%, forming an extremely solid foundation for the cycle. 2. Large-scale awakening of dormant chips: When the market breaks historical resistance and enters an overheated phase, the proportion of old chips sharply declines, and short-term turnover chips surge, indicating early large holders are distributing spot holdings amid high liquidity. 3. Anchor points for identifying tops and bottoms: As long as the old chip accumulation curve remains firm without cliff-like turnover, the macro trend is unlikely to reverse overnight. Ignoring short-term noise fluctuations and focusing on the slope of long-term chip accumulation allows you to clearly see the true holding strength of major funds at different cycle stages. $ETH