Bitcoin Long-Term Holders Defy Past Bear Market Patterns

Bitcoin's recent price action has brought about a divergence from past bear market patterns, with the long-term holder group's market value remaining above their cost basis throughout the cycle.

According to an analysis by Glassnode, the LTH-MVRV indicator, which compares long-term holders' market value with their cost basis, has not yet fallen below the breakeven threshold of 1, unlike previous bear markets in 2015-2016, 2018-2019, and 2022.

Unlike previous cycles, where the indicator fell below 1 and the group's total asset value fell below its cost basis, this time the breakeven threshold held during the decline, and the indicator has started to rise again.

The key detail, according to Glassnode, is that the long-term holder group's total asset value remained above its cost basis, even during the decline, which differs from previous bear markets.