the chart of the week is presented by glass node the leading onchain intelligence platform in today's chart of the week we're spotlighting the new investor confidence in Trend metric recently developed by glass nodes analysts this tool offers an in-depth perspective on the sentiment of recent Market entrance also referred to as the short-term holder cohort so there are two key Concepts which are Central to this metric and the first is mvrv which captures the unrealized profit losses of short-term holders and also SOA which delves into the realized domain and reflects the actual profit or loss on coins that are being locked in and transacted by this group from taking these two cost basis models and merging them we've designed an oscillator which tracks the shortterm holders confidence in the prevailing price trend so just to give you a super simple breakdown of this chart this blue line here is the cost basis for all the new investors and as it derives from mvrv it represents the cost basis for coins with an unrealized profit or loss which is still being held by short-term holders the orange line here however represents the cost basis of coins that have been acquired and spent by short-term holders so in other words it shows where these coins originated from in terms of cost we can see from the chart that if the cost basis of Spenders surpasses that of the holders it's very much a sign of positive sentiment we can see that reflected here and also in bitcoin's price whereas if the cost basis of Spenders is lower than that of the holders it's a case of the opposite looking at this long run down from the top of the last ball we can see that it's stayed below the entire time signaling much more of a negative sentiment so in Practical terms what does this mean for the traders of the current market with the crypto Community currently buzzing around the potential approval of Bitcoin spot ETFs in the US it's easy to assume a general optimism and what this metric offers is much more of a tangible measure of new investor sentiment so with that in mind if we zoom in on the current action we can see we have a crossover here hinting at a growing confidence in the price trend among short-term holders and while this is quite a noteworthy shift as the Spenders have broken above we're still really in somewhat of a neutral zone so by keeping a close eye on this oscillator we can have another gauge on the collective sentiment of new investors a group well known for its Swift reactions to Market moves and that makes this indicator a crucial tool for understanding their Collective mindset so that's a wrap for this chart of the week folks we want to briefly invite you to explore two of our new landing pages that show how institutional investors can use onchain analysis for specialized use cases such as quantitive trading and risk management we'll be back again next week as we continue to explore the current market dynamics through onchain data