Long-Term Holder MVRV
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Long-Term Holder MVRV divides BTC price by the average cost basis of coins that have not moved for at least 155 days. It measures how large the paper gains of Bitcoin's most patient holders are.
How to read it
High readings mean long-term holders carry large unrealized profits; in past cycles they have tended to distribute coins into strength late in bull markets. Readings near or below 1 mean even long-term holders are at breakeven or a loss, which has mainly happened late in deep bear markets.
Coins bought near a top join the long-term cohort about 155 days later and lift its cost basis, which can push the ratio down even when price is flat. There is no reading for Bitcoin's first 155 days, and early readings ran into the hundreds, so they are not comparable with recent cycles.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Cost Basis & Valuation
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,352
FAQ
Why can LTH-MVRV fall while the price is flat?
Every day, coins that reach 155 days of age join the long-term cohort. If they were bought at higher prices, they raise the cohort's average cost and lower the ratio, as often seen in the months after a bull market peak.
What does an LTH-MVRV below 1 mean?
BTC is trading below the average cost of long-term holders, so even the most patient capital is underwater in aggregate. Historically this has occurred mainly in the late stages of bear markets.
Why is the start of the LTH-MVRV history blank?
Long-term holders are defined by holding coins for at least 155 days, so no coin qualified during the first 155 days after the genesis block.
