bitcoin:native has managed to climb above the STH cost basis for almost a month now. The STH cost basis isn't represented in a linear way here, since ultimately it's an average. Factoring in invested capital across different age bands, this cloud represents the average concentration of capital invested in Bitcoin over the past 6 months (150-155d). This clearly shows that this is the first time since the start of the bear market that Bitcoin has managed to break free from this estimated cost basis of between $70,100 and $71,900. In other words, it's now trading with a positive deviation of around 5%, signaling that the majority of STH are in profit. This is an important positive signal, one that was also observed at the end of the 2023 bear market. Want to see Bitcoin turn back upward ? One of the preliminary steps was getting STH back into a comfort zone, that's now been done.