BlockBeats News, on June 30, CryptoQuant analyst Axel Adler Jr. published an article stating that the Bitcoin Long-Term Holder (LTH) MVRV has fallen to 1.24, close to a three-year low, indicating that BTC is approaching the long-term holder cost basis. The current long-term holder cost is approximately $48,400, while the BTC price is around $59,000, meaning the average unrealized profit for long-term holders has narrowed to about 24%, approximately 19% away from the cost basis.

Adler believes that long-term holders have not shown significant selling pressure. LTH Position Amount has risen to a historical high of approximately 16.1 million BTC, and the spending indicator remains low, suggesting that the price decline is mainly due to market corrections, rather than capitulation selling by long-term holders.