Bitcoin's MVRV Ratio has dropped to ~1.27 w/ BTC at ~$66K, approaching levels last seen in 2023, when Bitcoin was trading at just $24K. What is MVRV? It compares Bitcoin's market cap (current price × supply) to its realized cap (the average price everyone actually paid for their BTC). MVRV = Market Value ÷ Realized Value Simply put: it tells you whether holders are sitting on big profits or barely breaking even. • MVRV > 3.7 = holders are up huge, market is overheated (cycle tops) • MVRV < 1 = average holder is underwater (cycle bottoms) • MVRV at ~1.2* = holders are barely in profit Right now at ~$66K, the average Bitcoin holder is almost at their cost basis. The market has gone from $100K+ euphoria to near break-even in a matter of months. Critical signal: MVRV has fallen BELOW its 365-day moving average (~1.99) for the first time since the bear market. According to CryptoQuant, this crossover historically signals Bitcoin has entered a bear market phase. The MVRV Z-score (which normalizes this data across cycles) has also fully reset to near zero, a level that has historically marked the START of major rallies, not the end. Key observation: MVRV never even reached 3.7 this cycle. It peaked around 2.8. Either the top was in without the usual blow-off, or the cycle is resetting before another leg up. Every time MVRV has been this low in the past, it was a generational buying opportunity. That doesn't guarantee it happens again, but the data is hard to ignore. Data: @cryptoquant_com