Bitcoin Long-Term Holder Realized Price measures the cost basis of mature-holder supply in USD. The soft 155-day model weights coins through a gradual STH/LTH transition, so coins near the maturity boundary do not create hard cutoff jumps.
Rising LTH Realized Price means mature-holder cost basis is moving higher as older coins transfer at higher prices. Falling LTH Realized Price means mature supply is being repriced lower, usually requiring older coins to move below prior cost basis.
The series is based on coin age and last on-chain movement, not known holder identity. Exchange reshuffling, custody movements, batching, and change outputs can reset coin age and realized price without proving a new economic buyer.
Sync mode is useful here because both LTH Realized Price and BTC Price are USD price references. Aligning the axes keeps the mature-holder break-even line visually comparable against spot price across different zoom ranges.
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