Four long-term holder metrics reached record highs together
Galaxy Digital research head Alex Thorn said in an X post on July 13 that four on-chain metrics linked to Bitcoin long-term holders all set new records on the same day. The figures suggest older holders are accumulating BTC at an unprecedented scale and pace, with part of the supply now sitting untouched for more than 10 years.
The four data points cited were:
- Bitcoin held for more than 10 years accounts for 17.7% of total supply
- Long-term holders, defined as those holding for more than 155 days, now hold 16.75 million BTC
- Long-term holder realized cap has reached $836.4 billion
- Long-term holder realized price has risen above $50,000
Thorn said the four records taken together show Bitcoin’s supply structure is tilting toward longer holding periods and less selling pressure.
Realized price moved above $50,000
The report described realized price as a weighted average based on the market price of each Bitcoin when it last moved. In practice, it is used as a proxy for the aggregate cost basis of holders. A long-term holder realized price above $50,000 means the average entry price for that cohort has climbed to that level.
Thorn also said these four indicators do not usually hit records at the same time. In past cycles, supply metrics tended to rise first, with realized price catching up later. This time, the simultaneous highs suggest long-term holders are still accumulating and that a fresh wave of capital has entered at relatively elevated prices.
Demand-side signals stayed weak
On the same day those long-holder metrics hit records, the Coinbase premium index had remained in negative territory for 55 consecutive days, the longest such streak since the indicator was introduced.
CryptoQuant analyst Axel Adler said in a weekly report that short-term buying had cooled, while Bitcoin ETFs had logged eight straight weeks of net outflows. That left broader market momentum on the weak side.
Separately, an early Bitcoin holder that had been inactive for seven years moved 2,931 BTC to a new wallet, worth about $188 million based on the figures cited in the report. The move may indicate a portfolio adjustment by an early holder.
Supply tightened while demand lagged
From the supply side, the simultaneous highs across four long-term holder metrics point to more BTC moving into cold storage or long-duration holding. On the demand side, ETF flows and the Coinbase premium index have yet to show the same shift.
According to BlockTempo, if fresh capital does not return in the near term, the effect of tighter supply may still be absorbed through sideways price action.