NewsBTC
Mar 13, 2026 upd. 10 Jun

Santiment says yearlong Bitcoin returns mirror 2022 levels before 67% rise

1 min

Santiment: Bitcoin 365D MVRV drops to -26.6%, near late-2022 lows

Santiment says one-year Bitcoin buyers sit on deep unrealized losses. Short-term holders show slight gains.

The firm tracked Bitcoin MVRV ratios for 30-day and 365-day cohorts. MVRV compares market cap to realized cap, a proxy for investors’ cost basis and stored capital (Realized Cap explained) and helps gauge average unrealized PnL (MVRV context).

  • 30-day MVRV at +2.8% source. Slight profit. Not in Santiment’s “Danger Zone”.
  • 365-day MVRV at -26.6% source. Well inside “Opportunity Zone”. Comparable to late 2022 levels.

“When the 365-day MVRV was severely negative following the FTX collapse, BTC proceeded to rise +67% in the following 3 months,” Santiment noted here. The firm adds today’s structure looks closer to mid‑2022, as the ratio only recently plunged, whereas in late 2022 it was already rebounding source and bear market context.

Spot price at report time was about $70,500, down roughly 1% week over week.

Bitcoin MVRV Ratio