Bitcoin tests short-term holder cost basis, shows resilience vs FTX crash: CryptoQuant

The short-term holder cost basis is a behavioral line: holders near it are more sensitive to further stress, so how price behaves around it says more about positioning than any single headline. The restrained reaction to the Binance hack, contrasted with the FTX collapse, suggests the market is treating this as an isolated operational event rather than a systemic one. Whether that resilience holds as the cost-basis test plays out is the open question, particularly for recent buyers whose conviction is least tested.