Bitcoin long-term holders were sitting on roughly 37% unrealized gains against their average purchase price after the recent price increase, on-chain analyst Axel Adler Jr. said. Bitcoin was priced at $86,406 on Sept. 23, while the average cost basis for holders who had retained the asset for more than six months was $62,706. The week before, unrealized gains stood at 20% relative to that cost basis, which had changed little. That indicates the larger gains were driven primarily by Bitcoin’s market-price increase. In early August, the group’s average purchase price and Bitcoin’s market price had nearly converged, bringing the holders close to unrealized losses.