CryptoQuant analyzed, "The realized profit rate of long-term holders (LTH) is currently around 72-78%, significantly lower than the approximately 350% recorded during market overheating in December 2024." They added, "The realized price for BTC long-term holders is continuously rising, currently at the $48,000-$50,000 level. This means that investors who purchased BTC at relatively high prices are becoming part of the long-term holder group over time, gradually increasing the overall average purchase price. The current market appears to be closer to a 'mid-cycle reset' rather than a cycle peak. They further stated, "In the past, during the transition from a bull market to a bear market, long-term holders bore significant unrealized losses, and MVRV was under considerable pressure. However, currently, while the scale of profits has decreased, such extreme situations are not occurring."
