With the continuation of this rebound, now underway for several weeks, Bitcoin has just reclaimed the cost basis of the on-chain traders cohort, located around ~$74,300.

This cohort includes all BTC held for between 1 month and 3 months, a short enough period to classify these participants as traders, even though they are spot holders.

As a result, the average on-chain trader is back in profit (~4,8%) after more than 3 months underwater.

The last time this cohort was holding profits was in January, and it only lasted one week before the decline resumed sharply.

Although this is a positive signal, it is still too early to assume that this move will continue this time.

Written by Darkfost