everyone thinks buyers who grabbed $btc over the last year are already printing, but actually a chunk of them are only now getting back to even.
being underwater for months does weird things to your exits. you either smash sell the second price tags your entry or you fomo add because flat finally feels like a win. missing that difference is how people round trip the whole move.
glassnode has the 6 to 12 month cohort's break-even sitting near $87,800. that is not a victory lap, it is cost basis. those wallets spent half a year or more just to see their money again, so the level is more about who wants out than about some magic support.
ngl once price kisses that zone the tape usually gets sloppy. some of that supply hits the bid to finally be flat, and other traders treat the tag as a signal to size up. ser the mistake is reading $btc break-even as safety. it only means the late buyer is no longer red, and that can fade fast if they start distributing. wagmi if you know whether you're the one providing that exit.
anyone else seeing this cohort matter around 87.8k, or is it just another line on the chart?
#Bitcoin #BTC #OnChain
being underwater for months does weird things to your exits. you either smash sell the second price tags your entry or you fomo add because flat finally feels like a win. missing that difference is how people round trip the whole move.
glassnode has the 6 to 12 month cohort's break-even sitting near $87,800. that is not a victory lap, it is cost basis. those wallets spent half a year or more just to see their money again, so the level is more about who wants out than about some magic support.
ngl once price kisses that zone the tape usually gets sloppy. some of that supply hits the bid to finally be flat, and other traders treat the tag as a signal to size up. ser the mistake is reading $btc break-even as safety. it only means the late buyer is no longer red, and that can fade fast if they start distributing. wagmi if you know whether you're the one providing that exit.
anyone else seeing this cohort matter around 87.8k, or is it just another line on the chart?
#Bitcoin #BTC #OnChain