Bitcoin Long-Term Holder MVRV Falls to 1.24, Near Three-Year Low, CryptoQuant Analyst Says

Bitcoin’s long-term holder MVRV ratio has compressed to 1.24, the lowest level in nearly three years, according to a report by CryptoQuant analyst Axel Adler Jr. According to PANews, the report said the long-term holder cost basis has risen to $48,400 while BTC has pulled back to $59,000. The analyst estimated average long-term holder profit at about 24%, with the gap to cost basis narrowing to 19%. The report also said long-term holder supply reached a record high, nearing 16.1 million BTC, while selling indicators have remained low. Adler said the data suggests long-term holders have not been selling during the price decline and have continued absorbing supply. He added that historically, market cycles often approach a bottom when MVRV nears 1.0, but said the metric has not yet entered the “green capitulation zone.” The report said a stronger bottoming signal would require MVRV to move into an “extremely low” area and for price to remain above the cost basis.