Bitcoin long-term holders (LTH, those who have held coins for over 155 days) are seeing their unrealized gains shrink rapidly. The LTH MVRV, which measures whether this group is making or losing money, has fallen to 1.24, approaching a three-year low—meaning that, on average, long-term holders as a whole only have about 24% unrealized profit left, just one step away from their cost basis. The current average cost basis of long-term holders is about $48.4k, while BTC is trading at about $59k, leaving only about 19% buffer between the two.