HODL waves and holder distribution calculated directly from our own Bitcoin node — verified data, not third-party reported.
Processes the full UTXO set (dumptxoutset). Not available from any free API — Glassnode, CryptoQuant and similar charge for this data.
Same source as HODL waves (same snapshot). Groups UTXOs by address (same scriptPubKey = same address) and classifies total balance per address into cohorts.
A large, dormant balance is not a convinced holder. The node sees addresses, not owners: spot-ETF custody wallets, exchange reserves and corporate treasuries all show up here as high cohorts that barely move, even though the actual owners are thousands of shareholders who can sell without touching the chain. We don't adjust for it, because doing so would mean depending on a third party's address labels. Keep it in mind especially for the largest cohorts.
BTC difference per cohort between the most recent and previous snapshot, from your node.
Bitcoin's issuance schedule is public and deterministic: 50 BTC per block until block 210,000, halving every 210,000 blocks. Multiply and compare. You don't need to trust us to find out whether this figure adds up.
The difference is not zero, and it shouldn't be: the genesis block is unspendable, some early blocks claimed less subsidy than they were owed, and some outputs have been burned irreversibly. All of that is missing from the UTXO set but still counts in the schedule. What confirms the figure is that the gap is thousandths of a percent; a 1% gap would mean we got something wrong.