Key points: Data from onchain analytics platform CryptoQuant shows that investors holding coins for 18 months or longer are starting to become less active.
On Sept. 16, the 18-month-plus cohort’s share of realized cap — the value of all coins at the price they last moved onchain — hit 26.98%, its highest since mid-November 2024
Analyzing the data, CryptoQuant sees a historical trend that preceded Bitcoin bull markets now repeating. “The pattern has always been the same: when the proportion of Bitcoin held for more than 18 months across the entire network rises and then starts to decline, a strong rally follows,” it wrote in a blog post. It included a chart of UTXO (Unspent Transaction Output) age bands, sized according to their contribution to the realized cap. Bitcoin realized cap by UTXO age.