According to CoinMeta, Glassnode indicates that long-term holders of Bitcoin have consistently remained profitable throughout this cycle. Since 2015, no bear market has been able to achieve this. In previous bear markets, the MVRV indicator for long-term holders fell below 1 at the cycle lows, resulting in this group being in a loss-making state. However, this time the indicator has remained above 1 and is once again on the rise.