STH vs LTH Realized Price compares the cost-basis lines of recent and mature holder supply. The chart also places BTC Price and aggregate Realized Price beside them, separating cohort break-even levels from the full-market cost basis.
The main analytical value is in regime transition: crossings between STH and LTH Realized Price mark shifts in which cohort carries the higher realized cost basis. Positioning relative to BTC Price adds the profit/loss read: when STH Realized Price is above spot, aggregate recent-holder supply is underwater; when LTH Realized Price is below spot, aggregate mature supply carries unrealized gains.
Both cohort realized-price lines update only when coins move and reset their on-chain cost basis. They are useful break-even references for STH and LTH supply, but they should not be read as fixed entry prices or direct measures of holder conviction.
Sync mode is especially useful here because all four series are USD price references. It maps the STH/LTH realized-price axis to BTC Price and Realized Price on the right axis, keeping cohort cost bases visually comparable against both spot price and the market-wide realized cost basis.
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