bitcoin:native shares a very classic long-term macro on-chain indicator for Bitcoin: STH-RP to TMMP Ratio The ratio of the realized price to the real market average price for short-term holders This indicator clearly reflects the interplay between short-term market speculation and the fair value of the overall market. Current core data: -BTC current price and short-term costs: Currently, both values ​​are around 77.4K. This means that short-term investors who entered the market in recent months, The overall situation is at the break-even point. -Ratio trend: The current ratio is 0.8998, and the 7-day and 30-day moving averages are showing a fluctuating downward trend. On-chain data is clear. Short-term holders' cost basis is converging towards the true market average. The market as a whole is in a phase of deflating the bubble and clearing out speculative capital. Historically, when this ratio spikes, it usually corresponds to a period of market overheating. When this ratio falls below the 0.75 red line (the historical lows of 2015, 2018, and 2022), it indicates the establishment of an absolute bear market bottom. Currently, this ratio is at a relatively neutral to low level of around 0.9. And the trend is still downward. This indicates that the market's blind optimism has been effectively suppressed. The chips are undergoing a thorough turnover. At the break-even point where short-term holders find it unprofitable and even begin to feel anxious. It is often a crucial window for accumulating strength and choosing a direction. Be patient and watch for further crossovers of the cost line. #Onchaindata# #welinkBTC# bitcoin:native

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