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Bitcoin was trading 72% above the average cost basis of long-term holders as of Oct. 13, according to on-chain analyst Axel Adler Jr.
Adler said BTC was trading at $83,600, while the average acquisition price for long-term holders stood at $48,600. BTC has not fallen below that cost basis since Jan. 13, 2023, meaning long-term holders have continued to hold unrealized gains, Adler said. The average cost basis peaked at $49,500 on July 30 and has since fallen 1.7%. Since August, the maximum weekly decline in long-term holder supply has been 0.34%, suggesting selling pressure remains moderate. A larger decline rate would indicate accelerating selling, while a return to positive weekly changes would signal that long-term holders are accumulating BTC again, Adler added.