Despite headlines about OG whales selling, Glassnode’s HODL Waves indicate that long-term bitcoin (BTC) holders are continuing to grow their share of supply.

HODL Waves visualize BTC distribution across different age bands, showing the percentage of coins last moved within each timeframe. Recent narratives have emphasized selling by long-time holders, highlighted by Galaxy facilitating an 80,000 BTC transaction and other notable movements, especially after BTC surpassed $100,000 in the past year.

However, the data suggests this selling is not the dominant trend. Coins held 7–10 years now account for over 8.1% of total supply, the highest level since 2019, indicating that older supply is accumulating faster than it is being sold. The 10+ year cohort also continues to expand, now controlling about 17% of BTC supply.

By contrast, 5–7 year holders have declined from 10% to 5% of supply, likely distributing coins acquired during the 2019–2020 Covid crash near $3,000 per BTC.

Overall, while some OG coins are being sold, the broader picture is more nuanced: long-term holders are still increasing their share, even as mid-term holders take profits.