[Analysis: BTC Long-Term Holders' Holdings Reach 16 Million, Setting a Historical High, While MVRV Approaches a Three-Year Low] CryptoQuant analyst Axel Adler Jr. released a report indicating that the Bitcoin long-term holders' MVRV ratio has compressed to 1.24, marking the lowest level in nearly three years. The cost basis for long-term holders has risen to $48,400, while the BTC price has fallen back to $59,000, leaving the average long-term holder with only a 24% profit margin. The gap between the price and the cost basis has narrowed to 19%. At the same time, the holdings of long-term holders have reached a historical high, nearing 16.1 million BTC, and selling indicators remain at low levels, suggesting that holders are not selling during the price decline but are instead continuing to absorb supply. The analyst noted that historically, when MVRV approaches 1.0, market cycles are typically near a bottom. However, the current market has not yet entered the green capitulation zone. Stronger bottoming signals would require MVRV to enter the 'extremely low zone' while the price remains above the cost basis.