Bitcoin
Bitcoin Retests May Levels as Short-Term Holder Cost Basis Falls to $71,188
Glassnode metrics show recent Bitcoin buyers hold a wider profit margin than during the previous peak at the same price level.
Bitcoin traded near 81,050 dollars on Friday, returning to the level recorded on May 14 while presenting different on-chain fundamentals for recent market entrants. According to Glassnode data, the average cost basis for holders with coins younger than 155 days fell from approximately 78,713 dollars in May to roughly 71,188 dollars, widening their unrealized profit cushion from 2.9 percent to 12.4 percent.
The Short-Term Holder Market Value to Realized Value ratio stood at 1.1415 on September 3 compared to 1.0298 on May 14, despite prices closing within 0.25 percent of each other on those dates. Meanwhile, the Spent Output Profit Ratio registered at 1.0082, indicating that moved coins took minimal profit on average, remaining below historical breakout levels observed in late 2024 and mid-2025.
The report notes that long-term holders have shown limited on-chain activity, while overall weekly trading volumes continue to trend downward. On the technical side, Bitcoin reached a weekly high of 82,285 dollars, remaining roughly 557 dollars below the 82,842-dollar mark required to confirm a higher high on the weekly timeframe.
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