Bitcoin Cost-Basis Crossover Sparks Fifth Bull-Market Signal

For the fifth time in history, Bitcoin's short-term holder cost basis has surpassed that of its active long-term holders. This significant milestone is a widely recognized bull-market confirmation signal.

The metric used to track this phenomenon excludes dormant supply, which makes up more than 3.5 million BTC and has not moved in over 10 years. By excluding this stagnant supply, the cost-basis calculation provides a clearer picture of market dynamics.

One key driver behind this improved market structure is continued liquidity entering through exchange-traded funds (ETFs). This influx of capital is helping to reshape the overall market landscape.