45 Bitcoin’s Price Crossed Above Its On-Chain Market Mean For The First Time In ~4 Years An original ARK metric, the on-chain market mean has been a reliable demarcation point between risk-on and risk-off bitcoin markets. Historically, when the price of bitcoin crosses above the market mean, it typically indicates the early stages of a bull market. Bitcoin’s Break Above Its True Market Mean Signals The Onset Of A Bull Market BTC Price On-Chain Market Mean On-Chain Market Mean Ratio (AVIV) Risk-on/Risk-off Threshold 3 2 0 ) 100000 100 2 D N S I And (U 10000 N an OI e C M (AVIV) T 1000 BI t io e 10 k at d ar 100 R l M an ho e s M e hain 10 hr C t T - e n 1 k O 1 ar M And 0.1 hain ice C r - P On 0.01 0.1 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Sources: ARK Investment Management LLC, 2024, based on data from Glassnode as of December 31, 2023. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Past performance is not indicative of future results.