This indicator has fallen back from +3 standard deviations, and unrealized network profits are resetting; the cycle top is far from being reached.

$BTC MVRV Z-Score has continued to decline over recent months as the market digests the correction from its local highs. The indicator has now retraced significantly from its 2025 peak and remains well below the +2 and +3 standard deviation levels that have historically been associated with late-stage market euphoria. This suggests that unrealized profits across the network are being reset, but conditions have not yet reached the type of overheated valuation typically seen near cycle tops.