Latest / Adler AM: Bitcoin Morning Brief
LTHs are Realizing Losses, but Their Cost Basis is 30% Below the Market Price
LTH SOPR below 1.0 does not mean the entire long-term holder cohort is under pressure. The average LTH cost basis is $49.3K, while Bitcoin trades at $64.3K, so most of the cohort remains in profit. The main stress is now concentrated among STHs, whose cost basis is above the market price.
The skinny
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