Bitcoin hit a new all-time high after breaching $125,000 over the past weekend. The headline is familiar and the kind of round-number milestone that drives retail back into the charts. However, something else happened under the surface: the blockchain quietly recalibrated its accounting.

Realized price, which represents the average cost at which every existing coin last moved, just jumped in unison across short-term holders, long-term holders, and the total market. Realized price is the chain’s truth serum. It doesn’t care about speculative candles or leverage; it only moves when real coins change hands.

Over the past nine months, Bitcoin’s realized price climbed from around $41,000 to over $54,000. Short-term holders’ cost basis surged from roughly $87,000 to $113,000. Even long-term holders, who rarely flinch, saw their basis rise from $24,000 to nearly $37,000.

That last number is the tell

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Author: Andjela Radmilac