Bitcoin's 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 by 17% in the past six months.

The HODL Waves indicator tracks the UTXO age distribution. UTXO is the amount of cryptocurrency someone has after executing a transaction. Every BTC transaction creates a new UTXO. Its age indicates the block it was first included in and the last time the said bitcoin was moved.

So, the latest sharp rise in the percentage of UTXOs older than five years indicates ageing of unspent outputs, a sign of some investors maintaining their coin stash during the market swoon.

(By Omkar Godbole)