CryptoQuant: Bitcoin bear market or coming to an end, short-term holder costs have dropped to $69,000

On July 19, CryptoQuant analyst Darkfost issued a document stating that the Bitcoin bear market has lasted for about 9 months, and both short-term and long-term holders have been affected. The cost base for short-term holders has fallen below the cost base for long-term holders and was confirmed after three days, triggering a signal that the "bear market is coming to an end". When calculating the cost basis for long-term holders, this indicator excludes BTC held for more than 7 years to more accurately reflect long-term positions that are still economically active. Darkfost emphasized that this signal does not mean that the bear market is over immediately, nor does it mean that the market bottom has been determined, but indicates that the market may enter the final stage of the bear market, during which it may be more reasonable to adopt a fixed investment strategy. He said that if the cost base of short-term holders breaks through the cost base of long-term holders again, it can be regarded as a confirmation signal for the beginning of the bull market and can be used as a reference for ending fixed investment. The current short-term holder cost base has dropped from $112,500 to $69,000.