On-chain data shows the 365-day Bitcoin MVRV Ratio has recently been sitting deep inside the negative zone, implying long-term buyers are underwater.
Bitcoin MVRV Ratio Suggests 1-Year Holders Still In Pain
In a new post on X, on-chain analytics firm Santiment has talked about how the short-term and long-term Bitcoin returns have been looking from the perspective of the Market Value to Realized Value (MVRV) Ratio. This indicator keeps track of the ratio between the Market Cap of BTC and its Realized Cap.
The Market Cap here is simply the total value of the Bitcoin circulating supply at the current spot price. This metric can be considered as an estimate of the value that the investors as a whole are carrying in the present.
The Realized Cap, in contrast, measures the value that the holders initially put into the cryptocurrency. It does so by summing up the last blockchain transaction price of each token in circulation.
As the MVRV Ratio compares the two metrics, its value
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