Data: The proportion of Bitcoin UTXOs older than 5 years has increased by 17% in the past six months

The Bitcoin HODL Waves indicator, created by Unchain Capital and tracked by Glassnode, shows that the percentage of unspent transaction outputs (UTXOs) older than five years has increased 17% over the past six months. The HODL Waves indicator tracks the UTXO age distribution. As such, the recent sharp rise in the percentage of UTXOs older than five years indicates the aging of unspent outputs, suggesting that some investors are holding on to their holdings during the market downturn.

Joe Brunett, chief analyst at Blockware Solutions, called the aging of UTXOs a bullish development in response to a tweet from Capriole CEO Charles Edwards, who cited the UTXO data as evidence that long-term holders are accumulating Bitcoin at the fastest pace in eight years. (CoinDesk)