The metrics on the Bitcoin chain (BTC) again flash a key signal, because the MVRV ratio of the short -term spout (STH) fell to 0.82 – a level historically associated with stress and the capitulation of the market, according to Glassnode data.
This metric compares the market value (current BTC price) at the price made (basis of the average cost of parts held by short -term holders). A MVRV STH value of less than 1.0 indicates that recent buyers are, on average, submarines, unpaid losses. At 0.82, this means that short -term holders are down approximately 18% on average, a sign that many experience significant pain.
This level closely reflects the keys to the previous MVRV cycle: 0.84 in August 2024 and 0.77 in November 2022, which both preceded the stockings of the market and trend reversals.
Historically, such deep MVRV prints have marked periods when weak hands capitulate and intelligent money accumulates.
According to Glassnode data, since February, long -term holders (investors holding 155 days or more) have increased their cohort offer by around 500,000 BTC.
On the other hand, short -term holders have distributed more than 300,000 BTC, drawn by a mixture of profit and capitulation. This imbalance indicates that long -term holders accumulate more BTC than short -term holders sell.
