HODL wave definition question

External question — Bitcoin Stack Exchange Author: Mercedes Original post: https://bitcoin.stackexchange.com/questions/126069 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. I'm doing some casual coding, maybe with the goal of developing a HODL wave analyzer of my own. When coins don't move, coins are hodled . When coins move, coins stop being hodled . This is the easy part. When coins move by reason of a tx, other coins residing in the same unlocked pubkey, keep being hodled ? Or are them to be considered not hodled ? The privkey is just being used, so I tend to think the other coins in the pair keep to being hodled , but I'm not sure, and thought of better ask then be sure.

External answer — Bitcoin Stack Exchange Author: Murch Original post: https://bitcoin.stackexchange.com/a/126079 License: CC BY-SA 4.0 — https://creativecommons.org/licenses/by-sa/4.0/ Adaptation: HTML converted to plain text; contact email addresses removed. TL;DR: I would suggest to calculate on basis of UTXOs rather than addresses. Your question boils down to whether you consider coins held if the associated key material is inactive or if the transaction output remains unspent. I never verified this, but I would assume that the HODL Wave statistics are usually based on the age of UTXOs rather than activity of addresses. This would match your stated intuition that it matters whether a TXO was spent rather than when any coins were spent that happen to share the same output script. UTXO statistics may also be easier to come by than statistics about addresses.