Bitcoin Long-Term Holders Now Own Nearly 80% Of Realized Cap
17 Junio 2022 - 2:00PM
NEWSBTC
On-chain data shows the part of the Bitcoin realized cap held by
the long-term holders has increased and is now at nearly 80%.
Bitcoin Long-Term Holders Own Almost 80% Of Realized Cap As
explained by an analyst in a CryptoQuant post, the crypto has
historically tended to form bottoms around when the long-term
holder share of realized cap has exceeded 80%. The “long-term
holders” (LTHs) are all those Bitcoin investors who have been
holding onto their coins without selling or moving since at least
155 days ago. The realized cap is a way of assessing the
capitalization of the crypto where each circulating coin’s value is
taken as the price it was last moved or sold at, rather than the
current BTC price. Now, the relevant on-chain indicator here is the
“realized cap – UTXO age bands (%),” which tells us what part are
the various groups in the Bitcoin market contributing to the total
realized cap of the coin. Related Reading | Bitcoin Exchange
Reserve Spikes Up, Selloff Not Over Yet? The various age bands
denote the amount of time investors belonging to a group have been
holding their coins for. As mentioned earlier, LTHs include all
cohorts holding since at least 155 days ago. Here is a chart that
shows how the contribution to the realized cap by these investors
have changed over the history of Bitcoin: Looks like the value of
the metric has observed rise recently | Source: CryptoQuant In the
above graph, the quant has marked all the relevant points of trend
related to the Bitcoin realized cap percentage of the LTHs. It
seems like whenever the indicator’s value has crossed the 80% mark,
a bottom in the price of the crypto has taken place. Related
Reading | Bitcoin Funding Rates Remain Negative But Open
Interest Tells Another Story Currently, the metric’s value has been
rising up in recent weeks, however, it has still not gone above the
threshold just yet. Nonetheless, the indicator is nearly there. If
its value continues to rise and the historical pattern holds this
time as well, then Bitcoin may observe a bottom soon. BTC Price At
the time of writing, Bitcoin’s price floats around $21k, down 30%
in the last seven days. Over the past month, the crypto has lost
30% in value. The below chart shows the trend in the price of the
coin over the last five days. The value of the crypto seems to have
been moving sideways over the last few days | Source: BTCUSD on
TradingView Since the crash a few days ago, Bitcoin has been mostly
consolidating around the $21k mark. Currently, it’s unclear whether
the decline is over, or if more is coming. If the LTH share of the
realized cap is anything to go by, then BTC may first seen a bit
more decline before the bottom is finally in. Featured image from
Kanchanara on Unsplash.com, charts from TradingView.com,
CryptoQuant.com
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