The Short-Term Holder MVRV recently fell to 0.81 before rebounding to 0.83, indicating recent buyers remain 17%–19% underwater on average. This puts the $78k–$82k accumulation range from the May rally broadly in loss, confirming continued pressure on new investors.



The recent stabilization is typical after a selloff as forced selling subsides. Whether it marks a durable bottom or a pause before further downside depends on the return of new demand.
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