Per-cohort cost basis vs spot — Per-cohort cost basis vs spot — cohorts below price are in profit; lines act as on-chain support/resistance
Realized price by age examines the age structure of Bitcoin's unspent supply: Per-cohort cost basis vs spot. It shows whether coins are maturing in wallets or being returned to circulation.
Each line is a cohort’s average cost basis. Cohort lines below spot are in profit. Price falling through a fat cohort’s line often finds support/resistance there.
Age bands are a lens on UTXOs, not on people. One holder can control many addresses, and a coin can move for reasons other than selling.