Prezzo di Carico degli Holder di Lungo Periodo

The Long-Term Holder Realized Price = the realized cap of long-term holders ÷ their supply: counting only coins held longer than 155 days, each valued at the price of its last move, the weighted average yields the collective entry price of the market's veterans. The 155-day boundary comes from Glassnode's statistical analysis of historical UTXO spend probabilities — past roughly 155 days of dormancy, a coin's odds of being spent drop sharply, splitting supply into long-term (LTH) and short-term (STH) cohorts.

The full-supply Realized Price (covered on its own page here) is the average cost basis of all holders; this metric is its veteran slice. Because long-term holders accumulate low and hold on, the LTH cost line sits well below the network-wide average — and further below spot. It is the bedrock layer of the on-chain cost structure. In bull markets the line climbs very slowly (old coins barely move); its rise in a new cycle mostly comes from coins bought at the prior cycle's highs 'graduating' into the LTH cohort after 155 days.

Spot trading down to — or below — the LTH cost line means even the lowest-cost, most patient cohort is collectively underwater. Historically that has happened only in the terminal phase of deep bears: early 2015, late 2018 into early 2019, and late 2022 all saw spot probe or break this line at cycle bottoms, each validated in hindsight as cycle-scale accumulation zones. The converse does not hold: price far above the line merely means veterans sit on large gains — no top signal there. For tops, use LTH-MVRV and distribution metrics instead.

Data here comes from bitcoin-data.com. Be aware that LTH/STH classification differs across providers — Glassnode uses entity adjustment (cohorts assigned by an entity's volume-weighted purchase age, with a ~10-day smoothing band around 155 days) while others use raw UTXO age, so numbers won't match across sites; compare trends, not levels. This chart plots the cost line alone — for its position relative to spot, consult the price chart or the LTH-MVRV page (mathematically the same information: LTH-MVRV = spot ÷ this line).

Alongside holder behavior, watch short-term leverage via BTC liquidations and funding rates.