Bitcoin Has Never Dipped Below Realized Price Of Old Whales

The founder of the on-chain analytics firm CryptoQuant has revealed a Bitcoin metric that has held for its price for the past 15 years.

The founder of on-chain analytics firm CryptoQuant has highlighted a Bitcoin metric that has held for 15 years.

Bitcoin Price Has Never Dipped Below Old Whales’ Realized Price

In a recent post on X, CryptoQuant founder and CEO Ki Young Ju discussed the Bitcoin Realized Price of old whales.

The “Realized Price” is an on-chain metric that essentially tells us about the average cost basis of the investors or addresses on the BTC network.

When the asset’s spot price is trading above this indicator, it means the average holder can be assumed to be net positive in terms of profit. On the other hand, the BTC value being below the metric would imply the prevalence of loss in the market.

In the context of the current topic, we’re interested in the Realized Price of a specific segment of the sector: the old whales, which are also called long-term holder whales.

The long-term holders (LTHs) are the Bitcoin investors who have been holding onto their coins for over 155 days. As such, the LTH whales would be the large hands that have kept their coins不动 for long enough to fall into this category. To be more specific, these are the LTHs with at least 1,000 BTC in their wallets.

Historically, LTHs have proven themselves to be the sticky hands of the market that don’t easily sell no matter what may be happening in the broader market. Considering that whales naturally hold a key position on the network due to their large holdings, the LTH whales, in particular, can be important investors to follow.

Here’s the chart for the Bitcoin Realized Price shared by Young Ju, showcasing how the metric’s value has changed for the old whales over the past decade:

As you can see in the graph, the spot price of Bitcoin is currently at a significant distance from the Realized Price of the old whales, which suggests that the patience of these sticky hands has provided them with massive profits.

But what’s more interesting is the historical pattern that the BTC price has followed with respect to this indicator. “For 15 years, BTC price has never dropped below the cost basis of long-term whales, which currently stands at $30K,” the CryptoQuant founder explained.

However, the main point of Young Ju’s post wasn’t to reveal this fact; it was actually to show how the bet of Michael Saylor’s Microstrategy is looking safer by the day.

The analyst pointed out that based on BTC holdings alone, the liquidation price of the company would be $16,500. If the past pattern continues to hold for Bitcoin, then it might not dip below $30,000 again, which would suggest that the firm won’t be getting liquidated, except maybe during extreme circumstances.

BTC Price

At the time of writing, Bitcoin is priced at around $107,000, showing an increase of almost 10% in the last seven days.