Reading Momentum Through Cost Basis Technical analysis often relies on volume-weighted averages (e.g. VWAP) to gauge market momentum. On-chain analysis offers a parallel tool, using actual accumulated volume by specific investor cohorts to derive cost-basis–weighted signals. One powerful example is the crossover between the cost basis of 1-month buyers and the 6-month cohort. Historically, this transition has marked shifts into and out of deep bear-market regimes, as ownership moves between weak and stronger hands. 📉http://glassno.de/46qQqy2(glassnode)