Cryptocurrency analyst Axel Adler Jr. reported that while Bitcoin (BTC) prices have approached the average acquisition cost of long-term holders (LTHs), lowering LTH profitability to a three-year low, long-term holders are still accumulating rather than selling. He stated, "According to on-chain data, the LTH MVRV (Market Value to Realized Value Ratio) has fallen to 1.24, approaching its lowest level in the last three years. While MVRV has not yet entered the 'capitulation' zone, it is gradually approaching it. In the past, when MVRV fell to around 1.0, the market often formed a cycle bottom. Especially when the indicator entered the 'very low' zone, it was interpreted as a bottom signal. However, if the BTC price falls below the LTH average acquisition cost ($48,400), market selling pressure could intensify," he analyzed. Long-term holders' BTC holdings are approximately 16.1 million.
