The spot price is currently hovering around $899,000, but if you look at several key on-chain cost metrics, you'll find some interesting divergence—

The cost basis for STH (short-term holders) is stuck at $989,000, indicating that this group is still underwater. Looking further, the average cost for active investors is $877,000, which is slightly better but still has room compared to the current price.

Furthermore, the real market average price has dropped to $810,000, and the actual transaction prices are even lower at $562,000. This significant price gradient suggests that there are considerable differences in costs and psychological expectations among market participants. The trends of these indicators in the short term are worth continuous monitoring.