📌 Short-Term Holder: Let's examine the realized price (RP) of Short-Term Holders (STH) by reflecting their share of the realized cap. The cohort from 0 days to 6 months is included in this, accounting for 54.5% of the total cap.
📃 The 0 days to 1 week cohort represents 5.3% and is excluded from the data due to the minimal difference from the spot price. The 1 week to 6 months cohort represents 49.17%.
☑️ The weighted average value reflecting their share is $62.7k. This is an increase from $61.5k a month ago. The difference between STH-RP and the current price ($65.8k) is only 5%.
The recent 1-week BTC decline rate was about 6%. If it falls an additional -5%, it will meet the STH-RP.
Since STHs account for more than 50% of the market share, their RP is likely to act as a strong support/resistance zone.
The 3-month to 6-month cohort share has reached 20%. A significant number of STHs who bought during the March rally have not yet exited the market.
Considering the realized cap of STHs is greater than that of LTHs, it suggests significant turnover occurred between March and June.
Written by Yonsei_dent