On-chain data shows that the cost basis of Bitcoin’s short-term holders is at $80,700, a level that could come into focus after the latest rally.
Bitcoin is approaching the price realized by the short-term holder
In a new after On X, cycle analyst Root shared the latest data for short-term holders’ realized price. The “Realized Price” here refers to an on-chain metric that tracks the average cost basis or acquisition level of investors on the Bitcoin network.
When the value of the cryptocurrency is above this indicator, it means that BTC holders as a whole are sitting on a net unrealized gain. On the other hand, trading assets below the benchmark indicates the dominance of losses on the network. In the context of the current topic, the Realized Price of only a specific part of the market is important: the short-term holders (STHs). This cohort includes the BTC investors who purchased their coins in the last 155 days.
Here is a chart showing the trend in the Bitcoin STH realized price over the past few years:
As shown in the chart above, the Bitcoin spot price broke below the STH Realized Price during the Q4 2025 price drop. Since then, the cryptocurrency has remained below the line.
As BTC’s pullback has unfolded, the STH cost base itself has also fallen. The reason behind this obviously lies in the fact that coins have become involved in trading at the lower prices after the crash, which has reduced the average purchase rate of the new investors.
Today the STH Realized Price stands at $80,700. Following BTC’s latest price rally, the cryptocurrency is not far away from reaching this level, implying that if the bullish winds continue, a retest could eventually occur.
In the past, the indicator was often relevant for Bitcoin as a support or resistance level. The reason behind this lies in the fact that the STHs represent the unconvincing side of the market, which tends to react easily to price movements; a retest of their cost basis is obviously an event that causes members of the cohort to take certain steps on the network.
The chart shows that the January price rally peaked near the STH Realized Price. This suggests that the cohort saw the recovery wave as an opportunity to exit the market at breakeven.
If Bitcoin tests the level again in the near future, it will be interesting to see how the market will react this time.
BTC price
Bitcoin has reached the $78,200 level after the last price increase.