Bitcoin has fallen from 126,000 to 58,000, a drawdown of about 54%. Yet overall long-term holders are still in profit. Glassnode’s LTH-MVRV is the market value of the coins held by long-term holders divided by the price at which those coins last moved—that is, their cost basis. It’s above 1, meaning the group is collectively in profit. In the past several bear-market lows, it has always dipped below 1 each time; this time it hasn’t—first time since 2015.
But being in overall profit doesn’t mean every single coin is profitable. The group that bought at the bull-market peak has an average cost of about $97,000 and is still at a loss right now.
But being in overall profit doesn’t mean every single coin is profitable. The group that bought at the bull-market peak has an average cost of about $97,000 and is still at a loss right now.
