What the Bitcoin MVRV Z-Score measures, how it is calculated, and what 14 years of data say about it: bottoms below zero still hold, but every cycle top has printed a lower Z-Score than the last.
Bitcoin's on-chain valuation sits in deep-value territory with strong holder conviction, but net ETF outflows and rising exchange reserves leave cheapness without a catalyst.
Bitcoin's on-chain valuation has reset to cycle-bottom territory without ever printing euphoria — framing this drawdown as a structural accumulation case with medium conviction.
The Market Value to Realized Value ratio is one of the most reliable Bitcoin cycle indicators. Here's how to interpret it and use it in your analysis.