Featured image from Dall-E, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data suggests the Bitcoin price found its bottom following the recent crash around this important investor cost basis level. Bitcoin Found Its Bottom Near Active Investor’s Cost Basis According to the latest weekly report from Glassnode, Bitcoin formed its recent bottom near the cost basis of the “active investors.” To understand what this level represents, two other indicators need to be looked at first: the Realized Price and the Liveliness. Related Reading: Bitcoin ETFs Are \u201cImportant, But Not The Drivers,\u201d On-Chain Analyst Argues The Realized Price refers to the cost basis or acquisition price of the average investor on the BTC network. The metric determines this by going through the transaction history of each token in circulation to find what price it was last moved at. It then works with the assumption that this previous transfer was the last time that the coin changed hands and so, takes the price at its time to be its current cost basis. Finally, it averages this value out for the entire supply, producing a price that’s often considered to be BTC’s “fair value.” The other indicator, the Liveliness, basically keeps track of the spending\/HODLing behavior of the investors. This metric makes use of the concept of “coin days” to calculate its value. A coin day is a quantity that 1 BTC is said to accumulate after staying dormant on the blockchain for 1 day. Thus, when HODLing occurs on the network, new coin days are “created” each day, while when spending occurs, coin days that had been accumulated earlier are “destroyed.” The Liveliness measures the ratio between the cumulative sum of coin days destroyed and the cumulative sum of coin days created over the cryptocurrency’s history. As such, whenever the market is showing a HODLing dominant behavior, the metric’s value tends towards the zero mark, as a low amount of coin days are seeing destruction. Similarly, it leans towards 1 when distribution is high. Now, the actual indicator of focus in the current discussion is the “Realized Price-to-Liveliness Ratio,” also known as the Active Investor’s Cost Basis. This indicator adds a weightage factor to Bitcoin’s Realized price (that is, its fair value) using the Liveliness. Related Reading: Bitcoin Whales Participate In $588 Million Selloff: Is There More To Come? With this modification, BTC’s fair value is estimated higher when HODLing is dominant and lower when distribution is happening. The below chart shows the trend in the Bitcoin Realized Price-to-Liveliness Ratio over the past decade: As displayed in the above graph, the Bitcoin Realized Price-to-Liveliness Ratio is currently at a value of $51,300. In The recent price crash, BTC ended up finding a bottom not too far from this mark. “The Active Investor\u2019s Cost-Basis can be considered as a key threshold delineating bullish and bearish investor sentiment,” notes Glassnode. “Since the market managed to find support near this level speaks to a degree of underlying strength, suggesting investors are generally still anticipating positive market momentum in the short-to-medium-term.” BTC Price Bitcoin has seen a jump of almost 4% during the last 24 hours, which has taken its price above $61,000. Featured image from Dall-E, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":635408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,27251,506,92887,748,1119,1144],"class_list":["post-635369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bottom","tag-bitcoin-crash","tag-bitcoin-on-chain-level","tag-bitcoin-support","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n
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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. 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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:\/\/shenyangcang.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Is The On-Chain Level That Made The Bitcoin Crash Bottom","url":"http:\/\/shenyangcang.com\/bitcoin-news\/chain-level-made-the-bitcoin-crash-bottom\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/bitcoin-news\/chain-level-made-the-bitcoin-crash-bottom\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/btc_e61aa5.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/btc_e61aa5.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bottom","bitcoin crash","bitcoin on-chain level","bitcoin support","btc","btcusd"],"dateCreated":"2024-08-15T04:00:01Z","datePublished":"2024-08-15T04:00:01Z","dateModified":"2024-08-15T04:00:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Is The On-Chain Level That Made The Bitcoin Crash Bottom\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/bitcoin-news\\\/chain-level-made-the-bitcoin-crash-bottom\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/bitcoin-news\\\/chain-level-made-the-bitcoin-crash-bottom\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_e61aa5.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/btc_e61aa5.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bottom\",\"bitcoin crash\",\"bitcoin on-chain level\",\"bitcoin support\",\"btc\",\"btcusd\"],\"dateCreated\":\"2024-08-15T04:00:01Z\",\"datePublished\":\"2024-08-15T04:00:01Z\",\"dateModified\":\"2024-08-15T04:00:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/btc_e61aa5.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/635369"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=635369"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/635369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/635408"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=635369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=635369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=635369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/i0.wp.com\/insights.glassnode.com\/content\/images\/2024\/08\/woc-32-05.png?resize=2000%2C1152&ssl=1\")