Crypto analyst Darkfost said on X that Bitcoin’s market structure looks notably different from where it stood in late August, pointing to a shift visible in the Capital Cost Basis metric. The measure weights realized price by transaction volume in U.S. dollars, giving greater influence to BTC bought at higher prices and, in his view, offering a more accurate read on the market’s effective cost basis.
According to the chart he shared, BTC was still struggling around that key level at the end of August. It has now spent several consecutive weeks closing above the Capital Cost Basis, which sits at roughly $80,400. Darkfost said that suggests most capital deployed in the market has moved into slight profit.
He added that as more investor holdings turn profitable, market stability has been improving day by day. In that context, he described the development as a positive sign for Bitcoin during its current sideways consolidation phase.
Crypto analyst Darkfost said on X that Bitcoin’s market trend has changed noticeably since late August, and he pointed to the Capital Cost Basis metric as evidence of that shift.
He described the indicator as a realized price measure weighted by transaction volume in U.S. dollars. Because BTC purchased at higher prices carries more weight in the calculation, the metric is intended to reflect the market’s actual capital cost more accurately.
According to the data he shared, BTC was still struggling around that key level at the end of August. It has now closed for several consecutive weeks above the Capital Cost Basis, which is around $80,400.
Darkfost said this means that most capital committed to the market is now sitting in slight profit. As investor holdings gradually move into profit, market stability is also improving day by day, which he called a positive sign for Bitcoin in its current sideways consolidation phase.
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