According to CryptoQuant, Bitcoin has fallen around 24% from its recent high, marking one of the sharpest drawdowns in this cycle. Two key on-chain metrics—Short-Term Holder MVRV and Long-Term Holder Net Position Change—suggest a mixed picture. The STH MVRV has entered a historically significant reversion zone (1.0–1.15), often signaling accumulation or local bottoms. Meanwhile, long-term holders have been net sellers over the past 30 days, indicating caution and potential downward pressure. The analysis highlights that while valuation appears attractive, continued selling by long-term holders could delay a recovery. If support holds and selling slows, a base for the next upward move may form. Otherwise, further consolidation or a deeper decline remains possible.
Bitcoin Faces Sharp Drawdown as On-Chain Metrics Signal Mixed Outlook
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