Let's break down the latest on-chain signals for Bitcoin, because something interesting just happened. A key macro indicator has flashed a death cross on the blockchain, and historically, this has been a powerful signal for bottom formation. Here's the data: Current BTC price: 77,252 USD Short-Term Holder Realized Price (STH-RP): 77,492 USD True Market Mean Price (TMMP): 86,074 USD The STH-RP has now dropped below the TMMP, creating a clear on-chain death cross. The gap is roughly 8,583 USD, and over the past 30 days, the two lines have been converging at a rate of about 33 USD per day. What do these metrics mean? STH-RP reflects the average cost basis of investors who bought in the last 155 days. TMMP strips out miner coins, lost coins, and long-dormant supply, giving us the truest average cost of active market participants. When short-term cost basis falls below the market's true average cost, it usually signals a phase of deep price discovery and value cleansing. Now, let's look back at history. How long did it take for the real bottom to form after this signal? In 2014, the death cross triggered 182 days before the bear market bottom on Jan 14, 2015. In 2018, it took 128 days to reach the bottom on Dec 15, 2018. In 2022, the bottom came 160 days later on Nov 21, 2022. On average, this signal has historically preceded the absolute bottom by about 157 days. This same indicator is lighting up again right now, suggesting we may be in the early stages of a new macro bottom-building phase. For medium to long-term traders, this has historically been a zone worth watching very closely. Stay patient, stay sharp. The next few months could define the next cycle. #welinkBTC $BTC