Although Bitcoin (BTC) prices are nearing the average acquisition cost of long-term holders (LTHs), pushing LTH profitability to a three-year low, long-term holders are still accumulating rather than selling, according to crypto analyst Axel Adler Jr. He stated, "According to on-chain data, the LTH MVRV (Market Value to Realized Value Ratio) has fallen to 1.24, nearing its lowest level in the past three years. The MVRV has not yet entered the 'capitulation' zone, but it is gradually approaching it. Historically, when MVRV dropped to around 1.0, the market often formed cycle lows. 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), selling pressure in the market could intensify." Long-term holders currently hold approximately 16.1 million BTC.
