Bitcoin Near $63K as Santiment MVRV Data Confirms Broad Accumulation Zones

Bitcoin trades near $63,000 on June 9 as Santiment's 30-day MVRV readings confirm that short-term holders across major cryptocurrencies are deeply underwater, historically signaling attractive accumulation conditions. BTC's MVRV stands at -10%, Ethereum at -12%, XRP at -8%, and Cardano at a severe -18%, with all recent buyers broadly in loss territory. The selloff drove Bitcoin to a weekly low of $59,000 and Ethereum to a 14-month low near $1,500 before modest recoveries. The setup follows a June 8 flight to quality, with high-net-worth investors concentrating holdings in BTC and ETH while altcoins posted near-zero RSI readings. Analysts flag the data as a contrarian buy signal, but warn confirmation of a durable recovery remains absent.