Bitcoin is in a spot-driven bull market with a healthy correction on the MVRV metric

"Based on the current Bitcoin MVRV (realized value to market value) ratio, it's not surprising to see a pause in the bull run," said Checkmate (@checkmatey), principal analyst at on-chain analytics firm Glassnode, via X. "Long-term holders of BTC have begun to sell off near the $20,000 highs. "Long-term BTC holders started selling at the all-time highs around $69,000. They sold $7.35 million worth of BTC, 60% of which was GBTC. When long-term holders take profits, BTC's realized value reshapes. This is a measure of capital inflows. The current cycle represents the most robust spot-driven bull market in history." On CoinMarketCap, BTC is up 4.42% to $68,171.08.