BTC long-term holder supply hits all-time high amid low profitability

Despite Bitcoin's price approaching their average cost basis and their profitability hitting a three-year low, long-term holders (LTHs) continue to accumulate rather than sell, according to crypto analyst Axel Adler Jr. He noted that the supply held by LTHs has reached an all-time high of approximately 16.1 million BTC. On-chain data shows the LTH MVRV (market value to realized value) ratio has dropped to 1.24, nearing its lowest level in three years. While the MVRV has not yet entered the "capitulation" zone, it is approaching it. Historically, a drop to around the 1.0 level has often signaled a market cycle bottom. However, Adler warned that if the BTC price falls below the LTH average cost basis of $48,400, selling pressure could intensify.