2023-4-6 13:43 |
Definition
STH Realized Price is the average price of the Short-Term Holder BTC supply, valued at the day each coin last transacted on-chain. This is often considered the ‘on-chain cost basis’ of this cohort.
STH MVRV Ratio is the ratio between the market value (MV, spot price) and the Realized value (RV, realized price) for the Short-Term Holder Cohort. This allows for a visualization of Bitcoin market cycles and the unrealized profitability of this cohort.
Quick Take For months, CryptoSlate has analyzed the transition from bear to bull market, and last week the metric we have been tracking flashed on our screen. After each bullish crossover of the STH cost basis above the LTH cost basis tends to be the end of the Bitcoin bear market. Now more than ever, it is time to be analyzing the behavior of the short-term holder cohort. As the STH supply continues to grow, this will have a knock-on effect on RP and MVRV ratio to continue to grow. The MVRV ratio is currently at 0.3, which means the current price is -70% below the market avg cost basis (STH BTC holder is underwater by -70%). As Bitcoin continues to consolidate, this will improve the cost basis for both STHs and LTHs. Cost Basis: (Source: Glassnode) STH RP MVRV: (Source: Glassnode)The post Bitcoin Deja Vu: History repeating itself with a familiar market pattern appeared first on CryptoSlate.
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