Bitcoin Price Hits May High, But Recent Buyers Face Stiffer Margin
Bitcoin's price has returned to its May high of $81,050, but recent buyers are now far from breakeven compared to that time. Glassnode data shows that the average entry price for coins younger than 155 days has dropped sharply.
The Short-Term Holder MVRV ratio measures how far recent buyers sit above or below their average entry point. On September 3, this reading closed at 1.1415, compared to 1.0298 on May 14. Both dates share nearly the same price, with a difference of just 0.25%.
The implied cost basis tells a different story, however. It stood near $78,713 in May and now sits near $71,188, a reset of roughly $7,500. This means that recent buyers have a wider margin for error, but the Spent Output Profit Ratio (SOPR) complicates the picture.
SOPR printed 1.0082 on September 3, indicating that coins moving on-chain changed hands at less than 1% average profit. Long-term holders appear inactive, but their coins carry large multiples, so meaningful selling would lift the ratio well above current levels.