Since the start of the correction, BTC has put all STH under pressure and is now beginning to test LTH.

With a cost basis of $103,188 and $85,849, the first LTH cohorts, the 6m-12m and 12m-18m holders, are already under water.

However, price has reacted after reaching the realized price of older holders, the 18m-2 year cohort, whose realized price sits at $63,654.

This is likely an area of interest for these holders.

Still, that is not exactly what this chart shows, as the upward trend in their cost basis indicates actually that more holders with higher cost basis have continued to age their coins.