By Bitcoin Makasine - lilemo tse 2 tse fetileng - Nako ea ho Bala: 2 metsotso
Nako e Khutšoane le Nako e telele Bitcoin Metheo ea Litšenyehelo tsa Batšoantšisi e Bontša ho Fetoha Maemo a Maraka
Phello ea nako e khuts'oane le ea nako e telele bitcoin holder cost basis ratio is trending downward, signaling a shift in market conditions.
Lintlha tse ka tlase li tsoa khatisong ea morao-rao ea Deep Dive, Bitcoin Lenaneo la litaba la limmaraka tsa pele tsa limakasine. Ho ba har'a ba pele ba ho amohela leseli lena le tse ling tse amanang le ketane bitcoin tlhahlobo ea mmaraka ka kotloloho ho inbox ea hau, ngolisa hona joale.
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.
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