• bitcoinBitcoin (BTC) $ 63,758.00
  • ethereumEthereum (ETH) $ 3,055.40
  • tetherTether (USDT) $ 0.999362
  • bnbBNB (BNB) $ 556.29
  • solanaSolana (SOL) $ 144.19
  • usd-coinUSDC (USDC) $ 0.999603
  • staked-etherLido Staked Ether (STETH) $ 3,055.58
  • xrpXRP (XRP) $ 0.500219
  • the-open-networkToncoin (TON) $ 6.24
  • dogecoinDogecoin (DOGE) $ 0.151010
  • cardanoCardano (ADA) $ 0.466952
  • shiba-inuShiba Inu (SHIB) $ 0.000023
  • avalanche-2Avalanche (AVAX) $ 34.95
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 63,766.00
  • tronTRON (TRX) $ 0.110005
  • bitcoin-cashBitcoin Cash (BCH) $ 474.20
  • polkadotPolkadot (DOT) $ 6.75
  • chainlinkChainlink (LINK) $ 13.87
  • matic-networkPolygon (MATIC) $ 0.671390
  • internet-computerInternet Computer (ICP) $ 13.44
  • litecoinLitecoin (LTC) $ 81.35
  • nearNEAR Protocol (NEAR) $ 5.54
  • uniswapUniswap (UNI) $ 7.51
  • leo-tokenLEO Token (LEO) $ 5.82
  • daiDai (DAI) $ 1.00
  • aptosAptos (APT) $ 9.43
  • ethereum-classicEthereum Classic (ETC) $ 26.05
  • mantleMantle (MNT) $ 1.15
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.998972
  • blockstackStacks (STX) $ 2.47
  • filecoinFilecoin (FIL) $ 6.13
  • crypto-com-chainCronos (CRO) $ 0.123590
  • okbOKB (OKB) $ 54.78
  • stellarStellar (XLM) $ 0.111613
  • cosmosCosmos Hub (ATOM) $ 8.25
  • render-tokenRender (RNDR) $ 8.03
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 3,083.38
  • bittensorBittensor (TAO) $ 459.58
  • dogwifcoindogwifhat (WIF) $ 2.98
  • immutable-xImmutable (IMX) $ 2.05
  • arbitrumArbitrum (ARB) $ 1.13
  • hedera-hashgraphHedera (HBAR) $ 0.082675
  • vechainVeChain (VET) $ 0.040263
  • makerMaker (MKR) $ 2,949.38
  • kaspaKaspa (KAS) $ 0.113782
  • injective-protocolInjective (INJ) $ 27.90
  • the-graphThe Graph (GRT) $ 0.258226
  • ethena-usdeEthena USDe (USDE) $ 0.998315
  • optimismOptimism (OP) $ 2.24
  • wrapped-eethWrapped eETH (WEETH) $ 3,163.97
  • fetch-aiFetch.ai (FET) $ 2.13
  • moneroMonero (XMR) $ 119.56
  • pepePepe (PEPE) $ 0.000005
  • theta-tokenTheta Network (THETA) $ 2.06
  • celestiaCelestia (TIA) $ 11.20
  • fantomFantom (FTM) $ 0.700467
  • lido-daoLido DAO (LDO) $ 1.99
  • thorchainTHORChain (RUNE) $ 5.29
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,374.92
  • arweaveArweave (AR) $ 26.61
  • bitget-tokenBitget Token (BGB) $ 1.24
  • suiSui (SUI) $ 1.33
  • coredaoorgCore (CORE) $ 1.92
  • galaGALA (GALA) $ 0.044329
  • sei-networkSei (SEI) $ 0.561487
  • quant-networkQuant (QNT) $ 105.78
  • mantle-staked-etherMantle Staked Ether (METH) $ 3,126.02
  • jupiter-exchange-solanaJupiter (JUP) $ 1.06
  • algorandAlgorand (ALGO) $ 0.175929
  • beam-2Beam (BEAM) $ 0.026957
  • ethenaEthena (ENA) $ 0.982367
  • whitebitWhiteBIT Coin (WBT) $ 9.63
  • flokiFLOKI (FLOKI) $ 0.000141
  • flowFlow (FLOW) $ 0.883213
  • bitcoin-svBitcoin SV (BSV) $ 65.73
  • neoNEO (NEO) $ 18.12
  • aaveAave (AAVE) $ 86.09
  • flare-networksFlare (FLR) $ 0.031806
  • bittorrentBitTorrent (BTT) $ 0.000001
  • dydx-chaindYdX (DYDX) $ 2.29
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,910.27
  • tokenize-xchangeTokenize Xchange (TKX) $ 14.22
  • ondo-financeOndo (ONDO) $ 0.772539
  • singularitynetSingularityNET (AGIX) $ 0.864572
  • elrond-erd-2MultiversX (EGLD) $ 40.91
  • wormholeWormhole (W) $ 0.593741
  • the-sandboxThe Sandbox (SAND) $ 0.445060
  • ecasheCash (XEC) $ 0.000051
  • ribbon-financeRibbon Finance (RBN) $ 1.04
  • roninRonin (RON) $ 3.16
  • axie-infinityAxie Infinity (AXS) $ 6.95
  • bonkBonk (BONK) $ 0.000015
  • havvenSynthetix Network (SNX) $ 2.95
  • tezosTezos (XTZ) $ 0.984761
  • chilizChiliz (CHZ) $ 0.107957
  • zebec-protocolZebec Protocol (ZBC) $ 0.020002
  • worldcoin-wldWorldcoin (WLD) $ 4.94
  • ordinalsORDI (ORDI) $ 45.00
  • akash-networkAkash Network (AKT) $ 3.98
  • cheeleeCheelee (CHEEL) $ 16.21
  • conflux-tokenConflux (CFX) $ 0.232615
  • pyth-networkPyth Network (PYTH) $ 0.611058
  • starknetStarknet (STRK) $ 1.25
  • jasmycoinJasmyCoin (JASMY) $ 0.018587
  • gatechain-tokenGate (GT) $ 6.74
  • gnosisGnosis (GNO) $ 345.54
  • msolMarinade staked SOL (MSOL) $ 170.37
  • eosEOS (EOS) $ 0.777690
  • mina-protocolMina Protocol (MINA) $ 0.798098
  • nervos-networkNervos Network (CKB) $ 0.019775
  • kucoin-sharesKuCoin (KCS) $ 8.75
  • decentralandDecentraland (MANA) $ 0.435321
  • apecoinApeCoin (APE) $ 1.23
  • axelarAxelar (AXL) $ 1.19
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 3,089.98
  • iotaIOTA (IOTA) $ 0.227211
  • dexeDeXe (DEXE) $ 12.83
  • kavaKava (KAVA) $ 0.672811
  • echelon-primeEchelon Prime (PRIME) $ 19.20
  • usddUSDD (USDD) $ 0.974426
  • dydxdYdX (ETHDYDX) $ 2.30
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.78
  • aerodrome-financeAerodrome Finance (AERO) $ 1.67
  • nexoNEXO (NEXO) $ 1.21
  • aioz-networkAIOZ Network (AIOZ) $ 0.630609
  • frax-etherFrax Ether (FRXETH) $ 3,052.15
  • oasis-networkOasis Network (ROSE) $ 0.100022
  • klay-tokenKlaytn (KLAY) $ 0.185992
  • lido-staked-solLido Staked SOL (STSOL) $ 169.64
  • dymensionDymension (DYM) $ 4.00
  • heliumHelium (HNT) $ 3.97
  • fraxFrax (FRAX) $ 0.995977
  • swethSwell Ethereum (SWETH) $ 3,203.82
  • osmosisOsmosis (OSMO) $ 0.933975
  • bitcoin-goldBitcoin Gold (BTG) $ 35.42
  • corgiaiCorgiAI (CORGIAI) $ 0.001796
  • blurBlur (BLUR) $ 0.395479
  • illuviumIlluvium (ILV) $ 94.92
  • tether-goldTether Gold (XAUT) $ 2,394.72
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000101
  • astarAstar (ASTR) $ 0.104967
  • mantra-daoMANTRA (OM) $ 0.714512
  • sats-ordinalsSATS (Ordinals) (SATS) $ 0.00000028
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 3,251.46
  • pendlePendle (PENDLE) $ 5.80
  • theta-fuelTheta Fuel (TFUEL) $ 0.085555
  • radixRadix (XRD) $ 0.052987
  • fasttokenFasttoken (FTN) $ 1.77
  • book-of-memeBOOK OF MEME (BOME) $ 0.009960
  • woo-networkWOO (WOO) $ 0.295695
  • xdce-crowd-saleXDC Network (XDC) $ 0.039189
  • based-brettBrett (BRETT) $ 0.062461
  • mx-tokenMX (MX) $ 5.39
  • ocean-protocolOcean Protocol (OCEAN) $ 0.869013
  • jeo-bodenJeo Boden (BODEN) $ 0.751962
  • wemix-tokenWEMIX (WEMIX) $ 1.46
  • curve-dao-tokenCurve DAO (CRV) $ 0.436138
  • iotexIoTeX (IOTX) $ 0.054535
  • true-usdTrueUSD (TUSD) $ 1.00
  • staked-frax-etherStaked Frax Ether (SFRXETH) $ 3,306.44
  • cat-in-a-dogs-worldcat in a dogs world (MEW) $ 0.005551
  • 1inch1inch (1INCH) $ 0.421210
  • altlayerAltLayer (ALT) $ 0.387988
  • skaleSKALE (SKL) $ 0.093426
  • enjincoinEnjin Coin (ENJ) $ 0.333240
  • pups-ordinalsPUPS (Ordinals) (PUPS) $ 61.08
  • polymeshPolymesh (POLYX) $ 0.449349
  • superfarmSuperVerse (SUPER) $ 1.04
  • trust-wallet-tokenTrust Wallet (TWT) $ 1.12
  • ankrAnkr Network (ANKR) $ 0.046412
  • stepnGMT (GMT) $ 0.238603
  • manta-networkManta Network (MANTA) $ 1.83
  • zilliqaZilliqa (ZIL) $ 0.025037
  • apenftAPENFT (NFT) $ 0.00000045
  • 0x0x Protocol (ZRX) $ 0.529045
  • rocket-poolRocket Pool (RPL) $ 21.70
  • pax-goldPAX Gold (PAXG) $ 2,392.52
  • memecoin-2Memecoin (MEME) $ 0.026180
  • ethereum-name-serviceEthereum Name Service (ENS) $ 13.84
  • jito-governance-tokenJito (JTO) $ 3.66
  • ethereum-pow-iouEthereumPoW (ETHW) $ 3.97
  • celoCelo (CELO) $ 0.797051
  • ravencoinRavencoin (RVN) $ 0.030950
  • qtumQtum (QTUM) $ 4.02
  • terra-luna-2Terra (LUNA) $ 0.609569
  • raydiumRaydium (RAY) $ 1.59
  • livepeerLivepeer (LPT) $ 13.23
  • ether-fiEther.fi (ETHFI) $ 3.62
  • holotokenHolo (HOT) $ 0.002319
  • compound-wrapped-btccWBTC (CWBTC) $ 1,282.64
  • degen-baseDegen (Base) (DEGEN) $ 0.032751
  • amp-tokenAmp (AMP) $ 0.007297
  • aelfaelf (ELF) $ 0.563321
  • siacoinSiacoin (SC) $ 0.007026
  • frax-shareFrax Share (FXS) $ 5.00
  • project-galaxyGalxe (GAL) $ 3.72
  • biconomyBiconomy (BICO) $ 0.512997
  • saga-2Saga (SAGA) $ 4.19
  • safepalSafePal (SFP) $ 0.816148
  • compound-governance-tokenCompound (COMP) $ 55.06

This Bitcoin Indicator Has Hit Levels That Often Lead To Corrections

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On-chain data shows a Bitcoin metric has recently hit levels that have historically led to corrections in the cryptocurrency’s price.

Bitcoin Is Currently 40% Above The Cost Basis Of Short-Term Holders

CryptoQuant Netherlands community manager Maartunn explained in a post on X that the BTC price is currently 40% above the cost basis of the short-term holders.

The indicator of interest here is the “Market Value to Realized Value (MVRV) ratio,” which is an indicator that keeps track of the ratio between the Bitcoin market cap and the realized cap.

The “realized cap” refers to a capitalization model for the asset that assumes that the real value of any coin in circulation isn’t equal to the current spot price but rather the price when it was last transacted on the blockchain.

The previous transfer of any coin was likely the last point at which it changed hands, so the price at that time would act as its current cost basis. As such, the realized cap is essentially the sum of the cost basis of the entire supply.

Therefore, the metric’s value can measure the total capital the holders have put into the asset. And since the market cap is the value they are currently carrying, its comparison against the realized cap in the MVRV ratio can tell us about the amount of profits or losses the investors hold.

In the current discussion, the MVRV ratio of the entire market isn’t of interest but rather of a particular segment of it: the “short-term holders” (STHs). The STH cohort includes all investors who bought their coins within the past 155 days.

The BTC spot price has recently been 40% over this cohort’s average cost basis. The chart shows that this same level has led to asset corrections a few times in the past.

Naturally, this doesn’t mean that the coin would necessarily see a correction here, but given the historical pattern, there is a chance one would occur.

The likely reason behind this pattern is that Bitcoin investors are more likely to give in to the allure of profit-taking the larger their profits grow.

BTC Price

Bitcoin has gone through some significant volatility since setting its brand new all-time high above the $69,000 level, with its price now trading around $67,700.

This Bitcoin Indicator Has Hit Levels That Often Lead To Corrections

BTC has seen a rollercoaster over the past few days | Source: BTCUSD on TradingView

Featured image from André François McKenzie on Unsplash.com, CryptoQuant.com, chart from TradingView.com Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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