Bitcoin Long-Term Holders’ Unrealized Gains Shrink to 24%, Nearing Cost Basis

CryptoQuant uses MVRV to measure Bitcoin’s market value against holders’ cost basis. A reading above 1 indicates that holders overall still have unrealized gains. Long-term holders are often viewed as a gauge of market confidence, and the rapid erosion of their profit cushion suggests that Bitcoin’s price is approaching their average cost basis.

As of July 20, 2026, a CryptoQuant analyst said long-term holders’ MVRV had fallen to 1.24, reducing their average unrealized gain to about 24% and bringing it close to a three-year low. However, their Bitcoin holdings remained at a record high, with no signs of panic selling, suggesting that the market was undergoing a correction rather than capitulation.