Part 1 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 
Short-term holder cost basis has been below long-term holder cost basis for 146 days
During later stage bear markets, short-term holder cost basis is less than long-term holder cost basis
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
Definition
Realized Price reflects the aggregate price when each coin was last spent on-chain. Using Short- and Long-Term Holder (STH, LTH) cohorts, we can calculate the realized price to reflect the aggregate cost basis for each group.
Quick Take
- During later-stage bear markets, LTH cost basis is greater than STH cost basis, which is currently occurring.
- LTH cost basis is $22,240 while STH cost basis is $19,391.
- The four periods where the LTH cost basis is higher than the STH cost basis is highlighted with green and purple indicator.
- The total cross-over days is 864 days; this is broken down in each bear market by;
The 2012 bear market: 239 days
The 2015 bear market: 334 days
The 2019 bear market: 145 days
The 2022 bear market: 146 days
Market Cap $1.54T
24H Volume $43.34B
