Long Term Holder MVRV

Long Term Holder MVRV is used to track the ratio of Market Value to Realized Value of BTC held for ≥155 days.

Market value = current price of BTC × circulation; Realized value = Realized price of BTC × circulation, realized value can be understood as the total cost of holding BTC.

1) When this indicator is less than 1, it means that long-term holders hold BTC at an average loss, which is historically the bottom range.

2) When the indicator > 1, it means that long-term holders hold BTC in a profitable state on average, and the larger the indicator value, the greater the profit.

1) When the indicator changes from less than 1 for a long time to more than 1 for a long time, BTC begins to enter a bull market;

2) When the value of the indicator reaches near the previous high, it begins to flatten or decline, which is historically the top range.