{"id":511308,"date":"2022-12-06T19:00:04","date_gmt":"2022-12-07T00:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=511308"},"modified":"2024-06-11T14:31:36","modified_gmt":"2024-06-11T14:31:36","slug":"bitcoin-investor-cohorts-close-cost-basis-market","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-investor-cohorts-close-cost-basis-market\/","title":{"rendered":"Bitcoin Investor Cohorts Now Have Close Cost-Basis, What Does It Say About Market?"},"content":{"rendered":"

Data shows the different Bitcoin investor cohorts now have their cost-basis packed together in a tight range. Here’s what this may tell us about the current market.<\/p>\n

All Bitcoin Investor Groups Have Cost-Basis Between $18.7k And $22.9k<\/h2>\n

According to the latest weekly report from Glassnode<\/a>, the cost-basis of the wider BTC market is currently around $20.2k.<\/p>\n

Here, the “cost-basis” refers to the price at which the average investor in the Bitcoin market acquired their coins.<\/p>\n

The entire market can be split into two main investor cohorts, the “short-term holders<\/a>” (STHs) and the “long-term holders<\/a>” (LTHs).<\/p>\n

The STH group includes all investors that acquired their coins within the last 155 days. The LTHs, on the other hand, are made up by holders that have been holding their coins since more than 155 days ago.<\/p>\n

Statistically, the LTH group is the cohort that’s least likely to sell their coins at any point, since the longer investors keep their coins the less probable they become to break their dormancy.<\/p>\n

Related Reading: Bitcoin Now Undervalued For 170 Days, How Does This Compare With Previous Bears?<\/a><\/div>\n

The cost-basis of either of these two groups is the price at which the average investor belonging to said cohort bought their coins.<\/p>\n

Now, here is a chart that shows the trend in the cost-basis of both LTHs and STHs, as well as that of the wider Bitcoin market:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the price was rejected by the STH cost-basis not too long ago | Source: Glassnode's The Week Onchain - Week 49, 2022<\/a><\/pre>\n
As you can see in the above graph, the cost-basis of the Bitcoin STHs has declined as the bear market has gone on, something that makes sense as this cohort only includes investors who bought recently. Naturally, the “recent” prices during the bear have been lower and lower.<\/p>\n
The LTH cost-basis has slightly trended up as investors who bought during the higher prices are now a part of this group. Currently, this metric has a value of $22.9k.<\/p>\n
Related Reading:  For First Time Ever, Bitcoin Hash Ribbon Golden Cross Has Failed<\/a><\/div>\n
This isn’t too far from the $18.7k cost-basis of the STHs and the $20.2k cost-basis of the wider market. This means that the different investor groups in the current market have acquired their coins at similar prices.<\/p>\n
The implication of this is that the perceived risk and opportunity among all the holders, whether short-term or long-term, is the same. “As such, it is more likely that the aggregate market will start to behave in a more cohesive manner in response to volatility,” notes the report.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $17k, up 3% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC continues to hold still around the $17k mark | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Data shows the different Bitcoin investor cohorts now have their cost-basis packed together in a tight range. Here’s what this may tell us about the current market. All Bitcoin Investor Groups Have Cost-Basis Between $18.7k And $22.9k According to the latest weekly report from Glassnode, the cost-basis of the wider BTC market is currently around $20.2k. Here, the “cost-basis” refers to the price at which the average investor in the Bitcoin market acquired their coins. The entire market can be split into two main investor cohorts, the “short-term holders” (STHs) and the “long-term holders” (LTHs). The STH group includes all investors that acquired their coins within the last 155 days. The LTHs, on the other hand, are made up by holders that have been holding their coins since more than 155 days ago. Statistically, the LTH group is the cohort that’s least likely to sell their coins at any point, since the longer investors keep their coins the less probable they become to break their dormancy. Related Reading: Bitcoin Now Undervalued For 170 Days, How Does This Compare With Previous Bears? The cost-basis of either of these two groups is the price at which the average investor belonging to said cohort bought their coins. Now, here is a chart that shows the trend in the cost-basis of both LTHs and STHs, as well as that of the wider Bitcoin market: Looks like the price was rejected by the STH cost-basis not too long ago | Source: Glassnode’s The Week Onchain – Week 49, 2022 As you can see in the above graph, the cost-basis of the Bitcoin STHs has declined as the bear market has gone on, something that makes sense as this cohort only includes investors who bought recently. Naturally, the “recent” prices during the bear have been lower and lower. The LTH cost-basis has slightly trended up as investors who bought during the higher prices are now a part of this group. Currently, this metric has a value of $22.9k. Related Reading: For First Time Ever, Bitcoin Hash Ribbon Golden Cross Has Failed This isn’t too far from the $18.7k cost-basis of the STHs and the $20.2k cost-basis of the wider market. This means that the different investor groups in the current market have acquired their coins at similar prices. The implication of this is that the perceived risk and opportunity among all the holders, whether short-term or long-term, is the same. “As such, it is more likely that the aggregate market will start to behave in a more cohesive manner in response to volatility,” notes the report. BTC Price At the time of writing, Bitcoin’s price floats around $17k, up 3% in the last week. BTC continues to hold still around the $17k mark | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":511336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,87431,84666,84852,1119,1144],"class_list":["post-511308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-cost-basis","tag-bitcoin-long-term-holders","tag-bitcoin-short-term-holders","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Investor Cohorts Now Have Close Cost-Basis, What Does It Say About Market?<\/title>\n<meta name=\"description\" content=\"Data shows the different Bitcoin investor cohorts now have their cost-basis packed together in a tight range. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Investor Cohorts Now Have Close Cost-Basis, What Does It Say About Market?","url":"http:\/\/wncen.com\/news\/bitcoin-investor-cohorts-close-cost-basis-market\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-investor-cohorts-close-cost-basis-market\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/iStock-1255216496-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/iStock-1255216496-1.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin cost-basis","bitcoin long-term holders","bitcoin short-term holders","btc","btcusd"],"dateCreated":"2022-12-07T00:00:04Z","datePublished":"2022-12-07T00:00:04Z","dateModified":"2024-06-11T14:31:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Investor Cohorts Now Have Close Cost-Basis, What Does It Say About Market?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-investor-cohorts-close-cost-basis-market\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-investor-cohorts-close-cost-basis-market\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/iStock-1255216496-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/iStock-1255216496-1.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin cost-basis\",\"bitcoin long-term holders\",\"bitcoin short-term holders\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-12-07T00:00:04Z\",\"datePublished\":\"2022-12-07T00:00:04Z\",\"dateModified\":\"2024-06-11T14:31:36Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/iStock-1255216496-1.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/511308"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=511308"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/511308\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/511336"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=511308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=511308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=511308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}