Bitcoin Nears Capitulation as Short-Term Holders Face Deep Losses

CN
coindesk
Follow
3 days ago


Bitcoin’s (BTC) on-chain metrics are flashing a key signal once again, as the short-term holder (STH) MVRV ratio fell to 0.82 — a level historically associated with market stress and capitulation, according to Glassnode data.

This metric compares the market value (current BTC price) to the realized price (average cost basis of coins held by short-term holders). A STH MVRV value below 1.0 indicates that recent buyers are, on average, underwater, holding unrealized losses. At 0.82, this means short-term holders are down roughly 18% on average, a sign that many are experiencing significant pain.

This level closely mirrors previous MVRV cycle lows: 0.84 in August 2024 and 0.77 in November 2022, both of which preceded market bottoms and trend reversals.

Historically, such deep MVRV drawdowns have marked periods where weak hands capitulate and smart money accumulates.

According to Glassnode data, since February, long-term holders (investors holding for 155 days or more) have increased their cohort supply by approximately 500,000 BTC.

In contrast, short-term holders have distributed over 300,000 BTC, driven by a mix of profit-taking and capitulation. This imbalance indicates that long-term holders are accumulating more BTC than short-term holders are selling.


免责声明:本文章仅代表作者个人观点,不代表本平台的立场和观点。本文章仅供信息分享,不构成对任何人的任何投资建议。用户与作者之间的任何争议,与本平台无关。如网页中刊载的文章或图片涉及侵权,请提供相关的权利证明和身份证明发送邮件到support@aicoin.com,本平台相关工作人员将会进行核查。

Bitget:注册返10%, 送$100
Ad
Share To
APP

X

Telegram

Facebook

Reddit

CopyLink