Bitcoin long-term holders are back in profit! There’s a change on-chain this time that I think is worth paying attention to: Long-term holders who’ve held $BTC for 6 months to 10 years saw their Adjusted LTH MVRV drop below 1.0 at one point. This means that even the most steadfast long-term holders were, on average, back in an unrealized loss for a while. But now— MVRV has climbed back above 1.0. In other words: Long-term holders are back in an overall profit state. What’s more important is that this dip below 1 was very brief and shallow. It’s not like the deep bear markets of the past, where long-term holders were stuck underwater for an extended period. Instead, it feels more like: Short-term pressure → Repricing of holdings → Quick return to profit. This is one of the key differences I see between this market cycle and past bear markets. In a true bear market, even the most resilient holders usually endure prolonged pain and eventually capitulate. But this time: BTC saw a significant pullback, yet long-term holders weren’t trapped in deep losses for long. If the LTH MVRV can continue holding above 1.0 and BTC keeps recovering upward, then this dip below 1 is likely more of a healthy market reset rather than the start of a prolonged bear market. Long-term holders flipping back to profit from losses. This isn’t a signal of euphoria. Instead, it might be a sign that after the market has flushed out leverage, recalibrated costs, and redistributed holdings, the next trend is ready to begin. Always back your analysis with your positions.