Metric Overview

The Long-term Holder Spent Price reflects the average purchase price of all coins which were spent that day by the LTH cohort. It is calculated by taking the ratio between spot price, and the LTH-SOPR metric. Given LTH-SOPR is an aggregate profit/loss multiple realized by the LTH cohort that day, it can be used to estimate the average price that spent coins were acquired.

For example, consider the current spot price at $20k, and the following LTH-SOPR profit multiples:

• LTH-SOPR = 1.0 means that LTHs who spent coins that day broke even, on a spent BTC volume weighted average basis. Thus LTH Spent Price will return the current spot price $20k / 1.0 = $20k.

• LTH-SOPR = 2.5 means that LTHs realized a profit of 150% on a spent BTC volume weighted average basis. The LTH Spent Price will therefore return a value equal to $20k / 2.5 = $8k.

• LTH-SOPR = 0.8 means that LTHs realized a loss of 20% on a spent BTC volume weighted average basis. The LTH Spent Price will therefore return a value equal to $20k / 0.8 = $25k.

We can analyse the LTH Spent Price metric within the following framework:

• Higher Values indicate that LTH spent coins that day are more heavily weighted by higher cost basis coins.

• Lower Values indicate that LTH spent coins that day are more heavily weighted by lower cost basis coins.

• Spent Price trading below Spot Price indicate that LTHs are realizing profits on a spent volume weighted average basis.

• Spent Price trading above Spot Price indicate that LTHs are realizing losses on a spent volume weighted average basis.

Coined by

Glassnode (metric was first featured in The Week On-chain newsletters Week 48, 2021 and Week 18, 2022)