Realised Price reflects the aggregate price when each coin was last spent on-chain. Using Short- and Long-Term Holder cohorts, we can calculate the realised price to reflect the aggregate cost basis for each group.

The LTH-STH Cost Basis Ratio is then calculated as the ratio between LTH and STH realised price. This metric:

• Uptrend when STHs are realising losses at a greater rate compared to LTHs (e.g. bear market accumulation)

• Downtrend when LTHs spend coins and transfer them to STHs (e.g. bull market distribution)

• Trade > 1.0 when LTH cost basis is higher than STH (e.g. late stage bear market capitulations)