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Bullish signal for Bitcoin as realized price outpaces long-term holder cost Bullish signal for Bitcoin as realized price outpaces long-term holder cost

Bullish signal for Bitcoin as realized price outpaces long-term holder cost

Data via Glassnode

Bitcoin's realized price eclipses long-term holder average, signaling potential market uptrend.

Quick Take

Bitcoin is experiencing a bullish breakout, indicated by the realized price, the average cost at which all existing Bitcoins were last moved, surpassing the realized price for long-term holders (LTHs). The realized price now stands at $20,796, slightly above the LTH realized price of $20,725.

The LTH realized price represents the average acquisition cost of Bitcoins that have been inactive for at least 155 days and are not stored in exchange reserves, signifying coins that are less likely to be sold in the short term.

TypeRealized Price
LTH Realized Price$20,725
Realized Price$20,796
STH Realized Price$29,739

Table showing the difference between the realized price for long-term holders, short-term holders, and the total supply on Nov. 10, 2023 (Source: Glassnode)

The previous struggle between these two levels, evident in July’s data, failed to culminate in a breakout. Market watchers are now keenly waiting for a sustained breakout and an uptrend in realized prices.

Furthermore, the realized price for short-term holders (STHs), which signifies the average on-chain acquisition cost for coins moved within the last 155 days and stored outside exchange reserves, has been on a consistent upward trend, currently valued at $29,739. This metric represents the coins most likely to be spent on a given day.

btc bitcoin lth sth cost basis realized price
Graph showing the on-chain cost-basis for long-term holders (LTH) and short-term holders (STH) from November 2021 to November 2023 (Source: Glassnode)

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