Bitcoin (BTC) metrics in the chain are flashing a key signal once again, since the short -term support MVRV ratio (STH) fell to 0.82, a level historically associated with stress and market capitulation, according to Glassnode data.
This metric compares the market value (current price of BTC) with the price made (average cost base of the coins held by the headlines in the short term). A STHRV value below 1.0 indicates that recent buyers are, on average, under water, which have unrealized losses. To 0.82, this means that short -term holders decrease approximately 18% on average, a sign that many are experiencing significant pain.
This level closely reflects the previous minimums of the MVRV cycle: 0.84 in August 2024 and 0.77 in November 2022, which preceded the market funds and trends investments.
Historically, such reduction of deep MVRVs have marked periods where weak and intelligent hands, money accumulates.
According to Glassnode data, since February, long -term holders (investors that have for 155 days or more) have increased their cohort supply by approximately 500,000 BTC.
In contrast, short -term holders have distributed more than 300,000 BTC, driven by a combination of profits and capitulation. This imbalance indicates that long -term holders are accumulating more BTC than short -term holders are selling.
