Weak Hands: Whose long-term HODLers sold the most (and least) since the crash?

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Ibis
Apr 2, 2020

Takeaway:

  • By analyzing on-chain behavior of long term investors, we can determine which ERC-20 coins had the 'strongest' and 'weakest' HODLers since the drop, and what that tells us about the state of the market
  • Assets covered: top 200 ERC-20 coins + Ethereum
  • Metrics used: Token Age Consumed, Trading Volume, Daily Active Addresses

Token Age Consumed (also known as Coin Days Destroyed) is one of the best on-chain indicators of long-term holder behavior, and can often signal market-wide pivots or paradigm shifts in HODLer sentiment.


At its core, Token Age Consumed puts more weight on the coins that have remained idle (i.e. haven’t moved from their current address) for a long time, compared to those coins that were only acquired in the past few days or weeks. As a result, elevated Token Age Consumed levels are meant to signal

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