In a new post on X, CryptoQuant discusses how real signals originate from on-chain data, with price moves merely providing a surface-level narrative. The analytics firm has shared its top five $BTC Bitcoin indicators that help uncover these signals.
The first metric is the “Realized Price,” a popular indicator that provides an estimation for the average cost basis of investors on the BTC network. Historically, it has often played the role of a major support/resistance level for the cryptocurrency.
A few different variations of this metric exist, with the one shown below being the Realized Price specifically for the short-term holders.
As displayed in the graph, the Bitcoin price is currently trading above the Realized Price of the short-term holders, which implies the cohort’s members are in a state of net profit.
The next indicator is the “Spent Output Profit Ratio” (SOPR), which gauges whether the BTC investors are selling or transferring their tokens at a net profit or loss.
The metric’s value being greater than 1 implies the holders are participating in profit-taking, while a value under this threshold suggests the dominance of loss realization. From the below graph, it’s visible that the short-term holders have been showcasing the former type of behavior recently.
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