Old bagholders as the cushion in the accumulation zone
Bitcoin hit a wall at $87,000 and pulled back. The MVRV percentile has slipped below 30 again. Analysts call this an “accumulation range”—in plain English, Bitcoin has spent 25% of its history stuck in this pit. The realized market cap of on-chain holders is right there for all to see, and their cost basis is no secret. This valuation says just one thing: the people who bought near the top haven’t capitulated completely, and the bottom buyers haven’t been shaken out completely either.
Don’t rush to declare the bull market back in the short term. There’s a thick wall of market-maker orders at $87,000; any rally is just handing shorts fresh victims. BTC will probably test lower levels before moving sideways and wearing everyone down. A decent bounce won’t come until it gets near the previous low. ETH and SOL are following the broader market—there’s no independent rally at all.
For those of you holding spot, how far is your cost basis from the current price? Dare to share the number and give everyone a laugh?
$BTC $ETH $SOL
Bitcoin hit a wall at $87,000 and pulled back. The MVRV percentile has slipped below 30 again. Analysts call this an “accumulation range”—in plain English, Bitcoin has spent 25% of its history stuck in this pit. The realized market cap of on-chain holders is right there for all to see, and their cost basis is no secret. This valuation says just one thing: the people who bought near the top haven’t capitulated completely, and the bottom buyers haven’t been shaken out completely either.
Don’t rush to declare the bull market back in the short term. There’s a thick wall of market-maker orders at $87,000; any rally is just handing shorts fresh victims. BTC will probably test lower levels before moving sideways and wearing everyone down. A decent bounce won’t come until it gets near the previous low. ETH and SOL are following the broader market—there’s no independent rally at all.
For those of you holding spot, how far is your cost basis from the current price? Dare to share the number and give everyone a laugh?
$BTC $ETH $SOL