BTC long-term holder supply reaches a record high of 16.1 million coins, MVRV drops to a three-year low

CryptoQuant analyst Axel Adler Jr. pointed out that the MVRV ratio of long-term Bitcoin holders has dropped to 1.24, marking the lowest level in nearly three years. The cost basis for long-term holders has risen to $48,400, while the BTC price has fallen back to $59,000, putting the average profit for long-term holders at 24%. The volume held by long-term holders has reached 16.1 million BTC, a record high, while the selling indicator continues to remain low. The analyst believes that the MVRV ratio usually approaches the bottom when it nears 1.0, but currently, it has not yet entered the green surrender zone.