By Bitcoin Magazini - makore maviri apfuura - Nguva yekuverenga: maminitsi mapfumbamwe
Short-Term And Long-Term Bitcoin Holder Cost Bases Indicate Changing Market Conditions
Iyo yenguva pfupi uye yenguva refu bitcoin holder cost basis ratio is trending downward, signaling a shift in market conditions.
Izvo zviri pasi apa zvinobva kudhisheni ichangoburwa yeDeep Dive, Bitcoin Magazine's premium markets newsletter. Kuve pakati pekutanga kugamuchira aya manzwisisiro uye mamwe pa-cheni bitcoin kuongororwa kwemusika zvakananga kubhokisi rako rekutumira, bvuma ikozvino.
One of our favorite on-chain indicators recently flipped bullish. The STH (short-term holder) LTH (long-term holder) cost basis ratio recently has started to trend downward over the last two weeks, indicating a shift in market conditions.
The metric is first explained in detail in The Daily Dive #070.
Historically the metric has been one of the most accurate market indicators in Bitcoin, as the relationships between short-term and long-term holders and the acceleration/deceleration of cost basis of the two respective cohorts is quite informative.
The bitcoin price short-term holder and long-term holder ratio's 14-day change.While it is true that short-term holders are still underwater in aggregate (relative to the average cost basis of the cohort) the market absorbed lots of realized losses during the last few months, and with a relative accumulation occurring, the STH LTH Ratio has flipped back bullish.
A backtest of the ratio over time speaks for itself:
The bitcoin price short-term and long-term holder ratio's 14-day change.Below is a view of the inputs that go into the ratio itself:
The bitcoin short-term holder and long-term holder realized price.Similarly, last Wednesday in The Daily Dive #144 we highlighted the bullish flip in the delta gradient, another market momentum metric.
Original source: Bitcoin magazini