As Bitcoin surges past $30,000, the cryptocurrency market shows signs of renewed vigor. On-chain data reveals that short-term holders (STHs) may play a crucial role in this potential rally. Our analysis found a positive shift in the STH realized profit/loss (RPL) ratio, a key metric for understanding market trends. Historically, sharp rises in the STH RPL ratio have signaled the beginnings of bull rallies. With Bitcoin's recent surge and the positive shift in the STH RPL ratio, could this be the start of a new phase of bullish market momentum? Discover the answer in our exclusive Alpha article...
Short-term Bitcoin holders signal positive market momentum as BTC breaks $30K Short-term Bitcoin holders signal positive market momentum as BTC breaks $30K
On-chain data shows a significant change in short-term holder behavior, which has historically correlated with the end of bear cycles.
2 min read
Updated: Jun. 22, 2023 at 4:39 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.