Analysis: BTC long-term holders' holdings reach 16 million all-time high, while MVRV nears three-year low

CoinFeed June 30 news, CryptoQuant analyst Axel Adler Jr. released a report stating that Bitcoin long-term holder MVRV ratio 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 BTC price fell back to $59,000, the average long-term holder profit is only 24%, and the gap with the cost basis has narrowed to 19%. At the same time, long-term holder holdings hit an all-time high, close to 16.1 million BTC, and selling indicators remain low, indicating that holders are not selling during the price decline but are continuously absorbing supply. The analyst pointed out that historically when MVRV approaches 1.0 the cycle is usually near the bottom, but currently it has not yet entered the green capitulation zone, a stronger bottom signal needs to wait for MVRV to enter the "extremely low zone" and price to stay above the cost basis.