A recent analysis of the Realized Price metric for Bitcoin has shown an increase in short-term speculation in the market. The Realized Price metric provides an overview of the average on-chain acquisition price for the entire circulating supply of Bitcoin.
By looking at Short-Term Holder (STH) and Long-Term Holder (LTH) heuristics, analysts can determine the realized price for different investor cohorts. The Realized Price for the entire coin supply represents the aggregate on-chain acquisition price, while the Realized Price for STH reflects the average acquisition price for coins moved within the last 155 days and held outside exchange reserves.
Data from Glassnode reveals that the STH Realized Price has been steadily rising, nearing $64,000, indicating Bitcoin’s ongoing uptrend over the past 18 months. This metric has increased by 1.5% in the past week, pointing to increased short-term speculation in the market.
During Bitcoin’s all-time high in March, the Realized Price metric spiked by 11% over seven days, the highest since February 2021. The recent 1.5% increase suggests reduced market speculation compared to March, as Bitcoin consolidates below $70,000.
Moreover, the overall realized price has surpassed $30,000, indicating that investors are exchanging Bitcoin at higher prices. This data suggests that market participants are becoming more active in trading Bitcoin at elevated levels. As the market continues to evolve, these metrics provide valuable insights into investor behavior and market trends.
