Bitcoin’s Older-Coin Realized Cap Share Falls From September High

Bitcoin (BTC) traded at $80,134 as of 8:33 a.m. ET Tuesday (12:33 UTC). Coins last moved at least 18 months ago accounted for 26.59% of Bitcoin’s realized cap, down from a Sept. 16 high of 26.98%. Realized cap values coins at the price of their last on-chain move. The share has historically risen and then declined before a strong rally. The current reversal remains modest. The market has shifted into a bullish cycle but remains in its early stages, with the relevant signal not yet begun.