{"id":347787,"date":"2023-10-01T23:00:57","date_gmt":"2023-10-01T17:30:57","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=347787"},"modified":"2023-10-01T13:47:44","modified_gmt":"2023-10-01T08:17:44","slug":"bitcoin-holders-show-renewed-confidence-in-the-king-coin","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-holders-show-renewed-confidence-in-the-king-coin\/","title":{"rendered":"Bitcoin holders show renewed confidence in the king coin"},"content":{"rendered":"<ul>\n<li><em>Bitcoin&#8217;s 12\u201318 months UTXOs are not selling despite being close to the breakeven point.<\/em><\/li>\n<li><em>The average BTC holder was in profit at press time, with more optimism on display.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Long-term holders of <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> are displaying unwavering belief in the coin, as BTC maintained its value above $27,000 as the new month began. This conclusion was a result of the realized cap&#8217;s new high.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<h4><b>Support for BTC<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">On 1 October, Glassnode revealed that the Bitcoin realized cap reached a 30-day high of $395.65 billion.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc8 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Realized Cap just reached a 1-month high of $395,653,566,989.08<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/C8JhD26mC1\">https:\/\/t.co\/C8JhD26mC1<\/a> <a href=\"https:\/\/t.co\/HXiL7C6TfH\">pic.twitter.com\/HXiL7C6TfH<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1708349899840934120?ref_src=twsrc%5Etfw\">October 1, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The realized cap offers a macroeconomic view of the BTC price. This is done by computing the value of each Unspent Transaction Output (UTXO) by the price when the coin last moved. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As a way to measure the value of a coin, the increase in the realized cap means that the majority of Bitcoins last moved were acquired at cheaper prices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, the Bitcoin market cap being above the realized cap means that the market was in aggregate profit despite some <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-why-a-fall-in-btc-prices-seem-more-likely-now-than-a-rise\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">downturn<\/span><\/a><span style=\"font-weight: 400;\"> over the last few months. The confidence shown by <\/span><a href=\"http:\/\/ambcrypto.com\/are-bitcoins-long-term-prospects-brighter-than-you-imagine\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">long-term<\/span><\/a><span style=\"font-weight: 400;\"> holders was also corroborated by on-chain analyst Lidja Jahollari.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To do this, Jahollari compared Bitcoin\u2019s current price and the realized price. The realized price is calculated as the realized cap divided by the total coin supply. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This value obtained from the calculation can be interpreted as the average price market participants paid for their coins. It can also act as an on-chain support price or resistance.<\/span><\/p>\n<figure id=\"attachment_347795\" aria-describedby=\"caption-attachment-347795\" style=\"width: 844px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.04.27.png\"><img decoding=\"async\" class=\"size-full wp-image-347795\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.04.27.png\" alt=\"Bitcoin realized price\" width=\"844\" height=\"529\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.04.27.png 844w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.04.27-300x188.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.04.27-768x481.png 768w\" sizes=\"(max-width: 844px) 100vw, 844px\" \/><\/a><figcaption id=\"caption-attachment-347795\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h4><b>The former is more positive than the latter<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">At the time the analyst <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/651878781e5b983ef36cef53-Potential-Impact-of-12-18-Month-UTXO-Cohort-in-Bitcoin-Price\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> on CryptoQuant, BTC\u2019s 12\u201318 months UTXO realized price was $26,950. She also added that the 6 -12 months cohort was $20,600. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In explaining both values, Jahollari noted that the 6 -12 months cohort gained much higher in terms of profitability since the former was almost at the breakeven point. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">She wrote,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cThe 12-18 Months UTXO Realized Price indicates that holders within this timeframe have reached their average purchase price. In contrast, the 6-12 Months UTXO Realized Price, lower than the market price, hints at profitability for this cohort.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Another metric the analyst considered was the exchange inflow UTXO Age Bands. This metric summarizes the behavior of long and short-term holders alongside the price action.<\/span><\/p>\n<figure id=\"attachment_347797\" aria-describedby=\"caption-attachment-347797\" style=\"width: 843px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.21.32.png\"><img decoding=\"async\" class=\"size-full wp-image-347797\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.21.32.png\" alt=\"Bitcoin exchange inflow UTXO\" width=\"843\" height=\"518\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.21.32.png 843w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.21.32-300x184.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-01-at-08.21.32-768x472.png 768w\" sizes=\"(max-width: 843px) 100vw, 843px\" \/><\/a><figcaption id=\"caption-attachment-347797\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">From the data above, the 6\u201312 months UTXOs are actively taking profit via transfers on exchanges. However, the 12-18 months group, despite living through a long period of unrealized losses, chose not to sell.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Due to this behavior, Jahollari mentioned that BTC at $26,950 may not serve as a resistance to the actual value. Instead, it had the tendency to be the on-chain <\/span><a href=\"http:\/\/ambcrypto.com\/why-bitcoins-latest-milestone-could-do-little-to-support-btc-bulls\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">support<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">She concluded that,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">\u201cGiven the limited influx of Bitcoin from the 12-18 Months UTXO cohort into exchanges indicating low selling pressure, it suggests that their realized price may not serve as a resistance level for Bitcoin price. This implies that Bitcoin has room to rise and potentially surpass this level.\u201d<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The confidence shown by long-term holders was also corroborated by an on-chain analyst. Consequently, Bitcoin&#8217; realized price could act as a support rather than resistance.<\/p>\n","protected":false},"author":72,"featured_media":347791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-347787","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin holders show renewed confidence in the king coin - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Long-term holders of Bitcoin [BTC] are displaying unwavering belief in the coin, as BTC maintained its value above $27,000\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-holders-show-renewed-confidence-in-the-king-coin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin holders show renewed confidence in the king coin - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The confidence shown by long-term holders was also corroborated by an on-chain analyst. 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