MVRV

Japanese-language market commentary is weighing whether Bitcoin has truly hit its bottom, using five on-chain and market indicators including the MVRV ratio. The analysis also references the cryptocurrency's four-year market cycle, chart patterns and the role of Bitcoin ETFs in the current price environment, feeding ongoing debate among investors about whether the recent downturn marks a cyclical low or further downside lies ahead.

Bitcoin's long-term holders have remained in profit throughout the current bear market, a situation not seen since 2015. The LTH-MVRV ratio, which compares the value of coins held long-term against their purchase price, has stayed above 1, meaning these holders are still sitting on gains despite broader price declines. Analysts see this as a sign of stronger conviction among long-term investors compared with previous downturns.