Bitcoin Cost-Basis Crossover Marks Fifth Bull-Market Signal
The active long-term holder measure excludes BTC that has remained unmoved for a long time, limiting dormant supply’s effect on the calculation.
Bitcoin (BTC)’s short-term holder cost basis has moved above the cost basis of active long-term holders, marking the fifth historical occurrence of a defined bull-market confirmation signal.
The active long-term holder measure excludes BTC that has remained unmoved for a long time. More than 3.5 million BTC has not moved for over 10 years, and excluding that dormant supply reduces its effect on the cost-basis calculation.
Continued liquidity entering through exchange-traded funds is one important driver of the improved market structure.
The indicator can fail and is not an absolute market-prediction signal.
