Bitcoin’s (BTC) metrics shine again with a major signal, as the short-term holder (STH) MVRV ratio fell to 0.82-a level historical-related stress in the market and capitulation, according to glassnode data.
This scale compares the market value (current price of BTC) at the realized price (average cost of the cost of coins held by short -term holders). A STH MVRV value below the 1.0 indicates that recent buyers are, on average, underwater, holding unstoppable losses. At 0.82, this means that short -term holders have dropped nearly 18% on average, a sign that many are experiencing significant pain.
This level closely reflects the previous cycle of the MVRV cycle: 0.84 in August 2024 and 0.77 in November 2022, both of which preceded the bottom of the market and returns.
Historically, such a deep MVRV drawdown marked periods where weak hands were gathering and wise money accumulated.
According to Glassnode data, since February, long-term holders (investors holding 155 days or more) have increased their cohort supply by approximately 500,000 BTC.
In contrast, short -term holders distribute more than 300,000 BTCs, driven by a mix of income extraction and capitulation. This imbalance indicates that long-term holders accumulate more BTC than short-term seller holders.
