Cite asCryptoQuant has tracked 18 directional calls by @Wenry on CryptoQuant since Oct 2022: tracked, not yet ranked (below the accuracy-scoring baseline) (as of Nov 11, 2026).
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11/4/2025 on
When did you last buy Bitcoin?
We examined the average acquisition price (cost basis) of Bitcoin holders by holding period using on-chain data.
The lines shown in the chart represent the realized price for the amount of coins that have remained unmoved in wallets for each respective period.
0–1 day $107,160
1 day–1 week $110,783
1 week–1 month $113,477
1–3 months $114,291
3–6 months $110,911
6–12 months $93,561
12–18 months $63,234
18 months–2 years $54,746
2–3 years $24,146
3–5 years $40,222
5–7 years $8,265
7–10 years $5,761
10+ years $95
✅ Bitcoin insights from UTXO Age Bands
Holders who bought within the last 0–1 month have been gradually selling since October 10, suggesting elevated short-term profit-taking pressure.
By contrast, those holding for 3 months or longer have been the primary beneficiaries of the 2025 uptrend (70K → 120K) and remain resilient.
However, if the market declines further, short-term selling pressure could spread to mid- to long-term holders. The psychological threshold is likely around $93,561, the average cost basis of the 6–12 month cohort.
XRP Ledger on-chain active addresses reach new yearly highs
Until Q3 2024, the majority of transactions on the XRP Ledger were focused on transfers between centralized exchanges (CEX) and certain enterprise sectors. However, in recent months, the volume of $XRP moving on-chain has significantly surpassed inflows to exchanges, leading to a sharp rise in active addresses. Notably, on December 2, the number of active addresses exceeded 100,000, marking a yearly high.
While this activity remains relatively low compared to other Layer 1 mainnets, the increasing on-chain engagement of retail users suggests that the XRP Ledger ecosystem is creating an environment where competitive projects—similar to Uniswap, Chainlink, 1inch, Maker, Compound, and dYdX—can emerge and thrive.
Additionally, several initiatives are working to address longstanding weaknesses in the XRP Ledger’s infrastructure and DeFi sector. Notable advancements in the Sidechain/Layer 2 space include The Root Network, XRPL EVM, and XRPL Hooks. In the wallet sector, projects such as Xaman and Girin Wallet are progressing, while in DeFi, Firstledger, Magnetic, Sologenic, and Lotus Protocol stand out as key players.
On October 29th, Bitcoin reached a high of $73,620 on Binance, setting a new all-time high in open interest. However, with Bitcoin retreating from the $70K price level, both price and open interest are showing signs of entering a short-term correction phase.
According to Realized Price - UTXO Age Bands data, the average acquisition cost for participants who bought Bitcoin within the past week is between $69,549 and $70,733. If the price further corrects to the $63K-$66K range, we might see profit-taking by buyers at lower price levels, as well as potential panic selling from recent high-level buyers reacting to the downturn.
In the coming days, identifying the price level at which support forms will be crucial for understanding the market's potential trajectory.
XRP Ledger On-Chain Transaction Analysis (Sept 15 - Oct 15)
XRP Ledger is less known to retail investors, but its daily transaction volume is competitive with major Layer 1 networks. This analysis looks at where these transactions are used by categorizing activity between September 15 and October 15, 2023.
[1] Basic On-Chain Metrics
New wallet creation ("Accounts Created") increased by 10.39% to 18,321. However, total transactions dropped 17.57% to 18.82 million, and payments fell 26.16% to 6.81 million. Despite these declines, active wallets ("Active Accounts") rose 14.19%, averaging 10,887, indicating continued user engagement.
[2] Token On-Chain Activity
Trades: Dropped 6.83%, from 6.88 million to 6.41 million.
Listed Assets: Slightly up 1.17%, from 3,829 to 3,873.
Trustlines: Down 0.10%, from 7.25 million to 7.25 million.
XRPL Marketcap: Fell 15.24%, from $103.31M to $87.56M.
DEX Volume: Increased 17.64%, from $3.91M to $4.60M.
Despite fewer trades, DEX volume rose significantly, indicating more activity on decentralized exchanges even as market capitalization declined.
[3] NFT Trading Activity
NFTokenAcceptOffer: Fell 30.88%, from 26,243 to 18,142.
NFTokenBurn: Dropped 54.04%, from 14,494 to 6,663.
NFTokenCancelOffer: Slightly up 0.20%, from 11,103 to 11,125.
NFTokenCreateOffer: Declined 33.30%, from 55,019 to 36,697.
NFTokenMint: Sharply down 70.66%, from 65,021 to 19,076.
NFT activity showed sharp declines, especially in NFTokenMint (-70.66%) and NFTokenAcceptOffer (-30.88%). However, a slight rise in NFTokenCancelOffer suggests stability in the broader ecosystem.
[4] AMM Liquidity Provision
AMMDeposit: Up 62.35%, from 14,971 to 24,306.
AMMVote: Increased 65.22%, from 92 to 152.
AMMCreate: Rose 143.10%, from 58 to 141.
AMMWithdraw: Increased 42.97%, from 4,308 to 6,159.
AMMBid: Dropped 81.82%, from 22 to 4.
XRP Ledger saw significant growth in AMM liquidity, with strong increases in AMMDeposit and AMMCreate. Despite a drop in AMMBid, the rise in liquidity deposits indicates confidence in existing pools.
Bitcoin Approaching All-Time High - On-Chain Analysis
1) Bitcoin: Estimated Leverage Ratio - All Exchanges
After surpassing the key support range of 49,000 ~ 53,000 USDT in late September, Bitcoin has shifted into an upward trend. This trend persists even as the leverage ratio remains at an all-time high, indicating that investors continue to hold aggressive positions. If Bitcoin reaches a new high or encounters significant profit-taking, unpredictable technical movements could follow, so caution is advised.
2) Bitcoin: Realized Price - UTXO Age Bands
The average cost basis for holders with a 1-3 month UTXO age band is 63,767 USDT, suggesting that short-term holders have purchased at relatively high price levels. Maintaining a support level above 66,000USDT will be essential for sustaining the current momentum, as a dip below this threshold could lead to increased selling pressure from these investors.
3) Bitcoin: Open Interest - All Exchanges, All Symbols
Open interest has reached a record 20 billion USDT, indicating that after the recent correction, Bitcoin found strong support at higher price levels, leading investors to re-establish their positions. This heightened level of open interest reflects significant market engagement and potential for increased volatility.
4) Bitcoin: Stablecoin Supply Ratio (SSR)
The SSR index has recently rebounded, reflecting strengthened buying interest. This uptick in SSR indicates that stablecoins are being deployed for Bitcoin purchases, suggesting not only a resurgence of buying momentum but also a potential shift in the market trend.
[Comment]
With Bitcoin nearing an all-time high and on-chain metrics like 20 billion USDT in open interest, record leverage ratios, and a rising SSR index, buying momentum is strengthening, signaling a potential attempt at a new ATH. However, maintaining support above 66,000 USDT is crucial to sustain this trend. If a breakthrough occurs, large-scale profit-taking could lead to increased volatility, making risk management essential for investors
