Realized Price Cohorts
Multi-line view of realized prices for different cohorts (Global, STH, LTH). Shows the cost basis of different holder groups and how they relate to market price.
What is it?
This multi-line chart displays three realized price levels determined directly from the blockchain: Global Realized Price (average cost of all circulating BTC), STH Realized Price (Short-Term Holders, <155 days), and LTH Realized Price (Long-Term Holders, >155 days). Each realized price represents the volume-weighted average cost basis of its cohort. These three levels function as structural support/resistance because they reflect the aggregate profit/loss zones of each holder group.
How to read
Market price oscillates between the three levels. In bull markets, price is above all three → everyone in profit. When price breaks below STH RP, recent holders are at a loss → selling pressure. Below Global RP, the market is in aggregate loss → historical capitulation zone. LTH RP is the support of last resort — only touched at absolute bear market troughs.
Key zones
Global RP ≈ MVRV=1 (aggregate profit/loss separation). STH RP > Global RP > LTH RP always (recent holders buy at higher prices). The STH-LTH spread measures the 'conviction cost': the wider it is, the greater the cost advantage HODLers have over traders. A tightening of all three lines indicates redistribution and a cycle resetting.
What to observe
Crossovers between market price and each level are the primary readings. The speed of STH RP convergence toward Global RP indicates how fast new entrants 'capitulate' (sell at a loss). LTH RP evolution is very slow (LTH don't transact often) — it is a structural anchor that gradually rises each cycle.
Historical context
Cohort realized prices became a standard on-chain analysis framework from 2020 onward. In 2022, price broke below Global RP ($22K at the time) during the FTX crash — marking aggregate network loss and a market trough. LTH RP ($15K) held as absolute support. This framework correctly identified major support/resistance zones of every bear market since 2018.
Expert notes
The three realized prices are volume-weighted averages, meaning large UTXOs (whales, exchanges) have disproportionate impact. The 155-day STH/LTH threshold (industry-standard convention) is arbitrary but empirically robust — it corresponds to the statistical inflection point where UTXO spending probability drops sharply. Trinity uses direct full node series for each cohort.
Common mistakes to avoid
Realized price is not a 'real' physical support — it is a statistical average. Price can remain below Global RP for extended periods (e.g., 2018-2019, several months below RP). Moreover, consolidation movements (exchange-to-cold storage) 'refresh' the realized price without genuine ownership change, introducing noise into the metric.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/utxo-realized-price-dist/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "utxo-realized-price-dist",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
Related metrics
Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.