Analysis: Long-Term Holders HODL 16 million Bitcoins as Market Nears End of Bear Cycle

BlockBeats News, June 30th, CryptoQuant analyst Axel Adler Jr. posted that the Bitcoin Long-Term Holder (LTH) MVRV has dropped to 1.24, approaching a three-year low, indicating that BTC is nearing the long-term holder's breakeven line. The current long-term holder's breakeven is around $48,400, while the BTC price is around $59,000, meaning that the average unrealized profit of long-term holders has narrowed to about 24%, with a distance to the breakeven line of about 19%.

Adler believes that long-term holders have not shown significant selling pressure, as the LTH holding has reached a historical high of about 16.1 million BTC, and the spending output indicator remains low, indicating that the price decline is primarily due to market retracement rather than long-term holders capitulating.