The chart "Bitcoin: Realized Price - UTXO Age Bands" shows the price of Bitcoin compared to the realized price of coins held by short-term holders, specifically those who bought BTC from 1 week to 1 month ago (green line) and from 1 month to 3 months ago (purple line). The upward trend in these age groups often marks the beginning of a bull market. For example, in late 2020 and early 2024, the realized price began to rise before the price surged, signaling an early accumulation phase.

At market peaks such as April 2021, November 2021, and March 2025, the realized price for the 1m–3m group tends to move sideways or decline, indicating that short-term holders are beginning to take profits. In bear markets like 2022, these age groups often decline and form support levels when prices hit lows, as seen in late 2022 and mid-2023.

In early 2025, the price of Bitcoin corrected after surpassing $100K. The realized price for the 1m–3m group is decreasing, suggesting that recent buyers may be experiencing losses. If this trend continues, it could lead to a cooling off of the market or an extended accumulation phase.