LTH MVRV

LTH MVRV (Long-Term Holder MVRV) compares the market value of Bitcoin held by long-term holders, meaning wallets that have held their coins for at least 155 days, to the on-chain realized value of those same coins. The ratio shows the unrealized profit multiple sitting on the strongest hands in the network.

Historically, LTH MVRV crossing above roughly 3.0 has flagged late-cycle euphoria where long-term holders begin distributing into strength, and values above roughly 6.0 have aligned with cycle peaks. Bottom-finding lives at the other extreme: LTH MVRV below 1.0 means even the strongest cohort is at an aggregate loss, a condition that has historically marked generational accumulation zones (such as the late-2022 capitulation).

Read LTH MVRV as the slow-moving cycle clock and STH MVRV as the fast oscillator on top of it. When LTH MVRV is rising and STH MVRV is volatile, the market is in an uptrend with healthy resets. When LTH MVRV starts declining from elevated levels, distribution is in progress and downside risk grows even if price has not yet rolled over.

Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.