Bitcoin Holds Above Short-Term Cost Basis as Price Remains 72% Above Long-Term Holder Basis

Bitcoin (BTC) traded at about $83,700 on Oct. 1, remaining well above short-term holders’ average break-even level as the market structure stayed profitable for both holder groups.

Short-term holders’ cost basis rose 1.2% over the past week, from $72,800 on Sept. 24 to $73,700. The level represents the group’s average break-even point and remains about 14% below Bitcoin’s market price.

Despite the higher cost basis, short-term holders’ unrealized profit declined to about 13.7% from 15.4% a week earlier. The group’s cost basis has risen steadily since Aug. 20, while Bitcoin has continued to trade above that level.

Long-term holders’ average cost basis fell about 0.3% over the same period, from $48,900 to $48,800. Bitcoin was trading about 72% above long-term holders’ cost basis, leaving the group with a substantial unrealized gain.

Changes in the long-term holder cost basis are tied mainly to how long coins remain held. Some higher-cost coins may move into the short-term holder group, pushing up its cost basis. A return of weekly changes in the long-term holder cost basis to zero may indicate that the measure is becoming more stable.