Last updated on February 20
The Long-Term Holder Realized Price chart (or LTH RP for short) shows the average on-chain cost basis of KAS held by long-term holders, defined as any entity holding KAS longer than 155 days or more.
Why is it Important?
Long-term holders tend to have a low-time preference (sacrificing current rewards for greater future rewards) and, therefore, tend to have more conviction in the coin's future price. However, historically speaking, long-term holders still tend to sell off a portion of their holdings during bull market peaks.
The Long-Term Holder Realized Price reflects the average acquisition price of this conviction cohort. When market price trades significantly above the LTH Realized Price, long-term holders are in large unrealized profit. When market price approaches or falls below the LTH Realized Price, long-term holders are near break-even or in loss, which can signal conviction stress.
Sustained trading below the LTH Realized Price can indicate structural weakness, while strong reclaims of this level can suggest renewed expansion.
How to Read the Chart?
The Long-Term Holder Realized Price Chart consists of the following components:
The Long-Term Holder Realized Price (The green line) is recorded in USD and represents the average cost basis of coins held for 155+ days.
The Kaspa Market Price (The White Line) is recorded in USD and plotted against the price on the y-axis and time on the x-axis from just before January 2023 to the present time.
When the market price (white line) trades above the green line, long-term holders are in net unrealized profit.
When the market price trades below the green line, long-term holders are, on average, underwater — suggesting conviction stress and potential structural weakness if sustained.
Want to Learn More?
To learn more about the LTH chart and its relation to the STH chart, we recommend the following article by Glassnode here.
*It's important to note that Kaspa is quite new; therefore, its LTH supply trends may not match the historical movements of other coins, such as Bitcoin.