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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.   

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 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.  

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  

While XRP is a well-known altcoin globally, the mainnet ecosystem built on the XRP Ledger receives relatively less attention. This Quicktake will cover the basic elements for XRP Ledger on-chain analysis, with plans to offer deeper insights in the future. - Daily Transaction Count * Minimum: 1,347,681 * Maximum: 1,935,274 - Key Transaction Types (reference: XRPScan) * Payment - Minimum: 311,341 - Maximum: 807,382 - Transfer of value between accounts * TicketCreate - Minimum: 310 - Maximum: 18,557 - Creation of tickets for specific transactions without sequence order * AccountSet - Minimum: 26 - Maximum: 85 - Modifies an account's properties * TrustSet - Minimum: 24,340 - Maximum: 44,932 - Creates or modifies a trust line between accounts * NFTokenCreateOffer - Minimum: 1,832 - Maximum: 11,689 - Creates an offer for an NFT * NFTokenAcceptOffer - Minimum: 636 - Maximum: 5,239 - Accepts an offer to complete an NFT trade * NFTokenCancelOffer - Minimum: 362 - Maximum: 703 - Cancels an offer for an NFT * NFTokenMint - Minimum: 486 - Maximum: 26,758 - Mints an NFT with unchangeable properties * NFTokenBurn - Minimum: 31 - Maximum: 6,169 - Burns an NFT, removing it from the ledger  

1) Lack of Retail Participation from Korea and the U.S. Premium Retail investors in Korea and the U.S. are showing passive participation in the recent Bitcoin rally, as reflected by the lack of change in Taker volume. This contrasts with past surges, where retail activity was more pronounced. The muted response suggests the current rally is not driven by fresh capital inflows but rather a limited group of participants, raising questions about its sustainability. 2) Range-Bound Market with High Open Interest Despite the price increase, Bitcoin has been trading within a tight range for months. Open Interest has remained elevated, indicating speculative positions continue to drive the market. The combination of high Open Interest and low spot volume highlights that this rally lacks the fundamental support of strong buying interest, further reinforcing the speculative nature of the movement. 3) Short-Term Price Increase Driven by Derivatives The recent rise appears to be driven by derivatives trading, fueled by improved macroeconomic conditions such as easing interest rate hikes. Derivative volumes have surged, pushing prices higher in the short term. However, this rally lacks broad support from spot markets, suggesting that the increase is more of a temporary uptick than a structural market shift. 4) Stagnant Spot Volume The lack of strong spot buying interest and stagnant Taker volume further reinforce the view that this rally may be short-lived. Retail participation remains subdued, casting doubt on the broader market’s confidence. Without stronger retail involvement, the market is likely to remain range-bound or see a correction. [Comment] The current Bitcoin rally is primarily derivative-driven with limited retail participation, particularly from Korea and the U.S. Elevated Open Interest and low spot volumes suggest that the market is being driven by speculative posi  

1) Bitcoin: Exchange Reserve USD - All Exchanges Bitcoin exchange reserves, in fiat terms, remain at the same levels as April 2022, and are expected to have little impact on price volatility 2) Bitcoin: Stablecoin Supply Ratio SSR index is at its lowest point this year, likely driven more by the recent sluggish altcoin market and low volatility rather than Bitcoin itself. 3) Bitcoin: Estimated Leverage Ratio - All Exchanges Over the past few months, as the market has struggled to break out of a large trading range, retail investors have become increasingly aggressive during the technical rebound from price lows 4) Bitcoin: Realized Price - UTXO Age Bands 1d - 1w (57,816) 1w - 1m (59,207) 1m - 3m (61,960) 3m - 6m (66,976) 6m ~ 12m (50,220) [Comment: Mid- to Short-Term Investment Perspective] The average purchase price for holders with less than 6 months of holding time is between 57,816 and 66,976 USDT, indicating that they are invested at relatively high price levels. While price volatility driven by crypto market trends is limited, the market is heavily influenced by aggressive high-leverage investments and macroeconomic factors. Therefore, in Q4, the key will be whether Bitcoin can maintain the 49,000 ~ 53,000 USDT price range and build new momentum.  

October Bitcoin Trend Briefing ✅ Bitcoin October Trend Review The price of Bitcoin ($BTC) has risen to $35,280 USDT, marking the highest closing price since Q2 2022. This breakthrough indicates a possible trend reversal, having surpassed the consistent resistance around the $30,000 mark. Recently, there has been an increase in institutional demand for cryptocurrency investment products. Reports from CoinShares show a net inflow of over $300 million, recording the highest level since Q3 2022. Consequently, the CME has seen open interest surpass $3.54 billion, showcasing a strong performance in the Bitcoin futures market. However, distorted information regarding the Bitcoin spot ETF and money laundering issues related to Hamas have been slowing down the overall investment momentum. The market anticipates potential volatility due to macro issues, including decisions from the FOMC ✅On-Chain Insights into Bitcoin 1) Bitcoin: Exchange Reserve USD The holdings of Bitcoin by exchanges are presently in a consolidation phase, and in accordance with the price rise, the USD-denominated assets on the exchanges are demonstrating the highest levels since Q3 2022. Nonetheless, the recent trends indicate a diminishment in the correlation between these ascents and descents. With the exacerbation of exchanges' fiscal soundness issues, an increment in the exchanges’ Bitcoin holdings may paradoxically enhance the market participants' trust in the exchanges, potentially bestowing a positive momentum upon the market. 2) Bitcoin: Realized Price - UTXO Age Bands Based on the UTXO Age Band of Bitcoin, the recent trends of Bitcoin holders are showing a distinct difference. Short to mid-term holders of up to 6 months are predominantly buying, influenced by the recent rise in value, while long-term holders between 6 to 24 months, who persisted through the crypto winter, appear to be predominantly selling as they emerge from loss positions.     

Bitcoin: Realized Price - Here's Who $BTC Investors Are According to UTXO Age Bands Short-term investors (1 week or less) Typically proportional to $BTC price Long-term investors 6-12 months June 2022 $BTC price is between 19K and 29K Break-even investors have a stronger propensity to sell Long-term investors 12-18 months Stronger selling propensity among 6-12 month investors, reducing the percentage of long-term investors beyond 12 months 18-36 month long investors Moderate trend due to investors who have not reached breakeven or are pre-2021 investors