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The crypto market may be getting closer to the end of the bear cycle.
Several on-chain signals are starting to point in that direction.
The MVRV indicator for long-term BTC holders has dropped to 1.24 - the lowest level in the past 3 years. Historically, values like this have appeared closer to the end of bear markets.
At the same time, the amount of BTC held by long-term holders has reached a new all-time high, exceeding 16M coins.
Despite the correction, they are not rushing to sell. Instead, they continue to accumulate.
According to the analyst, the decline in MVRV is mainly caused by the price drop, not by mass selling. That means the most confident investors are still not ready to capitulate.
The key level to watch is the average purchase price of long-term holders, around $48.4K.
As long as $BTC trades above this level, the bear-cycle-ending scenario remains valid.
But if BTC falls below it and long-term holders start actively selling, that could signal real capitulation.
MVRV is a metric that compares Bitcoin’s current market value with the average purchase price of coins.$BTC