STH Realized Price = avg cost basis of coins held under 155 days. Above it = bull structure. Below = bear. Formula, live data, 4 cycle examples.
STH SOPR below 1.0 for 7 of 8 days signals sustained loss realization. Cohort cost basis at ~$89K vs. market price ~$67K - key supply zone to watch.
Has the 4-year Bitcoin cycle broken? Discover why Global M2 liquidity and structural ETF demand now overpower the mechanical halving supply shock.
An anomalous BTC outflow was recorded this week: -31,900 BTC in a single day, which historically corresponds to large-scale accumulation. At the same time, stablecoin netflow turned negative - liquidity began leaving exchanges alongside BTC.
The structural and regime indicators have moved into positive territory in sync for the first time in three months. The only remaining drag - the funding rate - is still negative.
Discover how Global M2 and Spot ETF netflows are overriding the traditional Bitcoin halving cycle. Learn the thresholds, SQL formulas, and how to trade them.
Funding has been persistently negative for the second week in a row - short positions dominate the derivatives structure. Open interest has declined from $47.6B to $20.8B, signaling a major deleveraging event - the market has unloaded, but sentiment remains bearish.
The Sharpe Ratio is in deeply negative territory (-63 on the 365d, -287 on the fast version), and the MVRV Z-Score is at 0.49 - below its historical mean. The market is not paying for risk: risk-adjusted returns are negative, and network valuation is neutral but does not provide a buy signal.
A data-driven guide to the 4-year Bitcoin halving cycle: how it works, what the on-chain data actually shows across all 4 cycles, and how to use it without falling into its traps.
Supply in Loss has broken through the historically significant capitulation zone (-46%), while ETF netflow has returned to positive territory for the first time in five weeks. The question is whether this is a reversal or a bull trap.
Long spot + short perp = delta-neutral carry. Real data from 3,572 days: +738% in 2021, -14% in 2022, +431% in 2024. Entry rules, exit thresholds, and annual yield vs T-bills.
This brief covers the buildup of Bitcoin exchange supply over the past 45 days. As long as cumulative netflow remains positive, the potential for sustained price growth stays limited.
