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Data: BTC long-term holders' holdings reach 16 million, an all-time high, while MVRV is near a three-year low.

MarsBitNews
Mars Finance News, CryptoQuant analyst Axel Adler Jr. released a report pointing out that the MVRV ratio of Bitcoin long-term holders has compressed to 1.24, the lowest level in nearly three years. The cost basis of long-term holders has risen to $48,400, while the BTC price has fallen back to $59,000, leaving the average long-term holder profit at only 24%, with the gap to the cost basis narrowing to 19%. At the same time, the holdings of long-term holders hit a record high, approaching 16.1 million BTC, and the selling indicator remains persistently low, indicating that holders are not selling during price drops but are instead continuously absorbing supply. The analyst pointed out that when MVRV approaches 1, historical cycles typically approach the bottom, but it has not yet entered the green capitulation zone. A stronger bottoming signal requires MVRV to enter the "extremely low zone" while prices remain above the cost basis. The main downside risk is if the price falls below the $48,400 cost basis and selling activity surges simultaneously, which could trigger capitulation among the most steadfast holders.
BTC-0.96%
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