Bitcoin’s supply last moved at least one year ago reached 63.3% on Sept. 18, up from 62.32% on Aug. 18, according to Maketo’s HODL-wave data. This 0.98 percentage point increase reflects coins naturally crossing age thresholds: the one-to-two-year band rose from 13.52% to 14.57% while the six-to-twelve-month band fell from 19.10% to 17.53%. The article notes that these shifts can occur without any change in beneficial ownership, as a transfer between wallets controlled by the same person can distort interpretation. Establishing true accumulation would require corroboration from exchange flows, entity-adjusted balance changes and spending behavior. Without these complementary measures, the rising one-year wave signals aging rather than proof of new demand.
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