Long-Term Bitcoin Holders Exit 'Shallow Stress' as Profits Return
Long-term Bitcoin holders have seen their unrealized profits return as they exit what on-chain analysts call 'shallow stress.' This period of compressed profitability occurred after Bitcoin's correction from its approximately $126K peak in October 2025. The MVRV (Market Value to Realized Value) metric for these holders, which compares the current market price of BTC to the average price at which coins last moved on-chain, had squeezed tighter and tighter.
Although MVRV never reached extreme capitulation or distribution zones that have historically marked the end of major Bitcoin cycles, long-term holders shed roughly 260K BTC in August 2026. However, this selling wave has since eased heading into September, with sell-side pressure moderating considerably.
Realized profit among long-term holders currently sits at roughly 72-78%, according to CryptoQuant data. The realized price for these cohorts continues trending upward, sitting near $48K to $50K and indicating that newer entrants into the long-term holder category bought at higher prices, gradually pushing the average cost basis up.