Bitcoin (BTC) holders whose coins have been held for at least six months still had a 65% unrealized gain by Oct. 29, though the cohort’s profit ratio had slipped, analyst Axel Adler Jr. said.
The cohort’s MVRV ratio was 1.65 on Oct. 29, down from 1.67 on Oct. 22. Adler said the latest reading placed Bitcoin’s market price 65% above the group’s $48,000 average cost basis; the earlier figure corresponded to a 67% margin. That was a two-percentage-point narrowing, though Adler described the holders’ unrealized profits as substantial.
A separate distribution gauge registered 240,000 BTC on Oct. 29, down 22% from 310,000 BTC a week earlier. The figure accumulates decreases in the supply held by the six-month-plus cohort across a rolling 30-day period. Recent daily changes contributed less to the total, Adler said.
The two readings track different things: the distribution gauge sums supply declines over time, while MVRV reflects the gap between market value and the cohort’s average cost basis. The 30-day figure is a rolling total, not a count of Bitcoin sold on Oct. 29 alone.
Adler interpreted the lower distribution reading as a sign of easing sell pressure. He said a rising MVRV would indicate that the profit margin was recovering relative to cost basis, while a further Bitcoin price decline could put long-term-holder supply at risk.
