Definition
Realized Price reflects the aggregate price when each coin was last spent on-chain.
The Realized Price reflects the average on-chain acquisition price for the entire coin supply.
Short-Term Holder Realized Price (STH RP) reflects the average on-chain acquisition price for coins held outside exchange reserves, which were moved within the last 155-days. These reflect the most probable coins to be spent on any given day.
Long-Term Holder Realized Price (LTH RP) reflects the average on-chain acquisition price for coins held outside exchange reserves, which have not moved within the last 155-days. These reflect the least probable coins to be spent on any given day.
Periods where spot price falls below all cost basis models typically occur in deep bear markets where the average investor, irrespective of hold time, is holding an unrealized loss.
Quick Take
Bitcoin short-term holder realized price is now less than $1,000, away from the Long-term holder’s realized price.
Each time STH RP has gone above, LTH RP has signaled the end of a bear market.
STH RP = $21,095
LTH RP = $21,900
RP = $19,960
We are currently in the 903 cross-over days, split below by each bear market.
2012: 239 days
2015: 334 days
2019: 145 days
2023: 184 days
Cost Basis Cohorts: (Source: Glassnode)Cost Basis Cohorts: (Source: Glassnode)
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