BTC long-term holders not taking profits, signaling bull market is not over

An analysis suggests that the current bull market may not be over, as Bitcoin's long-term holders have not yet begun to actively take profits. On-chain analyst CryptoZeno noted that the adjusted Market Value to Realized Value (MVRV) ratio for entities holding BTC for six months to 10 years is significantly lower than at the bull market peaks in 2017 and 2021. Instead, the metric is closer to the lower range that has historically served as an accumulation zone in previous market cycles. CryptoZeno explained that in major downturns since 2015, the indicator fell to similar levels, after which steady buying from long-term investors absorbed market supply. Furthermore, the realized price—the on-chain acquisition cost—for long-term BTC holders is also on the rise, indicating that the recent price correction was more akin to a revaluation of value, the analyst added.