Data from blockchain analytics firm IntoTheBlock indicates that the market value to realized value ratio (MVRV) for Bitcoin (BTC) currently stands at 1.76. Senior researcher Juan Pellicer from IntoTheBlock stated that this ratio suggests Bitcoin has not yet reached an overvalued stage, similar to other cryptocurrencies.
Bitcoin market value to realized value ratio (MVRV, source: IntoTheBlock, image source: BeInCrypto)
An increase in the MVRV value indicates that Bitcoin holders are experiencing a favorable level of unrealized gains, which implies a higher likelihood of selling. Conversely, when this value declines, it signifies reduced profits for holders, leading to a lower probability of sell-offs. Historically, MVRV values have also been able to indicate periods when Bitcoin is undervalued or overvalued, as well as whether it is approaching a cycle peak.
Based on the current position of MVRV, Pellicer explained in an interview with BeInCrypto:
Comparison of Bitcoin price and MVRV (source: TradingView)
Data Source
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