Beginner Why long-term crypto holders borrow against assets instead of selling A strategic guide to liquidity management, capital preservation, and the real tradeoff between selling and borrowing crypto Open guide 
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Behavioural shift as Bitcoin holders in aggregate no longer underwater
Bitcoin has broken above multiple cost basis.
Definition
- Realized Price reflectes the aggregate price when each coin was last spent on-chain. Using Short- and Long-Term Holder cohorts, we can calculate the realized price to reflect the aggregate cost basis for each group.
Quick Take
- Bitcoin has reclaimed multiple costs basis, short and long-term holder cost basis, and realized price.
- Bitcoin has reclaimed its short-term holder costs basis ($18,900).
- Bitcoin has also reclaimed its long-term holder cost basis ($22,300).
- In addition, to reclaiming the realized price ($19,777).
- This specific event has occurred three times in Bitcoin history.
