Bitcoin’s (BTC) On-Chain-Metrics flashes a key signal again as the short-lived proprietor (STH) MVRV relationship dropped to 0.82-one level historically associated with market stress and capitulation, according to Glassnode Data.

This metric compares the market value (the current BTC price) with the realized price (average cost base for coins contained by short-term holders). A STH MVRV value below 1.0 indicates that the recent buyers are on average underwater that holds unrealized losses. At 0.82, this means that short -term holders are down approx. 18% on average, a sign that many are experiencing significant pain.

This level carefully reflects earlier MVRV cycle: 0.84 in August 2024 and 0.77 in November 2022, both of which preceded market bounds and trend change.

Historically, such deep MVRV drawings have marked periods when weak hands capitulate and smart money accumulated.

According to GLASSNODE data, long-term holders have since February (investors holding for 155 days or more) have increased their cohort supply by about 500,000 BTC.

In contrast, short -term holders have distributed over 300,000 BTC, driven by a mixture of profit and capitulation. This imbalance indicates that long -term holders accumulate more BTC than short -term holders sell.