Data from Glassnode shows Bitcoin hasn’t yet seen a crossover in the current cycle that has historically marked late-bear periods.
Bitcoin Short-Term Holder Realized Price Is Still Above Long-Term Holder’s
According to the latest weekly report from Glassnode, the STH and LTH realized price crossover hasn’t yet taken place during the current bear market.
The “realized price” is a metric that signifies the cost basis of the average holder in the Bitcoin market. Its value is calculated by dividing the realized cap with the total number of coins in circulation.
Whenever the usual price of BTC moves below the value of this indicator, the average investor goes into a state of loss.
This cost basis can also naturally be calculated specifically for different holder groups. The relevant cohorts here are the “long-term holders” and the “short-term holders”; here is a chart showing the trend in the realized prices of these two groups over the last several years:
The values of the two metrics seem to be approaching each other Source: BTCUSD on TradingViewFeatured image from Hans-Jurgen Mager on Unsplash.com, charts from TradingView.com, Glassnode.com