Bitcoin Long-Term Holders Hit Record 16.1M BTC, MVRV Ratio Hits Three-Year Low at 1.24

According to CryptoQuant analyst Axel Adler Jr., Bitcoin long-term holders' MVRV ratio has compressed to 1.24, a three-year low, with holdings reaching a record 16.1 million BTC as price fell to $59,000. Long-term holders' cost basis stands at $48,400, leaving average profits at just 24% amid the recent decline.

Sell indicators remain at historically low levels, suggesting long-term holders are absorbing supply rather than capitulating. The main downside risk is if BTC breaks below the $48,400 cost basis while sell activity simultaneously spikes, potentially triggering capitulation from the most committed holders.