According to Golden Finance, the HODL Waves chart of Ethereum shows that Ethereum held for 1 to 3 years is significantly concentrated, indicating that a large amount of Ethereum acquired during 2021-2022 is still being held. The 1-2 year and 2-3 year intervals reflect these holdings, which account for a significant portion of the total supply. This holding pattern indicates that investors have confidence in the long-term value of Ethereum, and a considerable number of investors choose to hold their Ethereum instead of selling due to market fluctuations, while the proportion of Ethereum held for less than six months is decreasing.

In addition, the proportion of holders who have owned Ethereum for more than 7 years has risen, which shows the stability of long-term holders and their firm belief in the underlying value and future growth potential of Ethereum.