According to Glassnode, BTC’s MVRV Z-Score is approaching zero, a level that coincided with major bear market bottoms in 2014, 2018, and 2022.



However, Long-Term Holder (LTH) and Short-Term Holder (STH) MVRV metrics have not yet converged, suggesting the market may still be in the process of forming a bottom.

👉 The data points to a zone of deep value, but not yet a definitive confirmation that the cycle low is in.
BTC-2.81%
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