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#Bitcoin's MVRV is currently around 1.2, a sharp drop from its peak of nearly 4.0 in the 2021 cycle and around 2.7 during the 2024–2025 bull run.
Most of the unrealized profit across the network has been wiped out following the recent prolonged correction.
Notably, the MVRV is now significantly lower than the 365-day moving average (~1.7–1.8), reflecting #Bitcoin trading at a large discount to its valuation levels during most of the recent bull cycle.
Historically, whenever the MVRV drops from the bull run above 2.5 to near 1.0, the market typically enters a phase of:
• Leverage and speculative profit clearing.
• Supply transfer from weak hands to long-term investors.
• Formation of an accumulation zone ahead of the next major trend.
Currently, #Bitcoin shows no signs of euphoria or overvaluation.
If history repeats itself, this could be a re-accumulation phase, rather than the end of a long-term growth cycle.
#Bitcoin #BTC #MVRV #Onchain #Crypto #HCCVenture