Bitcoin Long-Term Holders Stayed Profitable Through the Current Cycle

Bitcoin (BTC) long-term holders remained profitable throughout the current market cycle, as the LTH-MVRV ratio stayed above 1 at its low, marking the first such pattern in a bear market since 2015.

In previous bear markets, LTH-MVRV fell below 1 at cycle lows, indicating aggregate unrealized losses for long-term holders. This cycle, the ratio stayed above that threshold and has begun rising again.