This tool provides a powerful overview of the behavior patterns of Long-Term holders around cycle pivot points. It considers both their spending behavior, and the amount of Profit/Loss they are holding.

It is useful for identifying periods where Long-Term Holders are existing their position at a significant profit (taking large profits) or loss (capitulation).

The chart contains the following traces:

• 🔵 LTH Realized Price shows the cohort average acquisition price.

• 🔵 LTH Pricing bands are shown indicating price levels where LTHs are holding significant profits (150% and 350%), or losses (-25%). When price trades above or below these levels it often leads to significant spending from this cohort.

• 🟩 LTHs Taking Profits when LTHs are holding 350%+ profits, and are currently spending at a significant rate.

• 🟥 LTHs Capitulating when LTHs are holding -25%+ losses, and are currently spending at a significant rate.

Further References

This metric was developed in The Week On-chain (WoC 23-2023)