<ul><li>Bitcoin's MVRV ratio remains low due to increased realized cap resetting the network's cost basis, indicating a calmer market with fewer signs of euphoria.</li><li>Despite Bitcoin's price reaching all-time highs, the MVRV ratio has not surpassed previous peaks seen in 2013, 2017, and 2021.</li><li>The realized cap's significant increase has kept the MVRV figure stable, as more coins have changed hands at higher prices, indicating investors' reluctance to sell despite market cap growth.</li><li>Derivatives market behavior, such as decreased short pressure on Binance and increased Open Interest, suggests a return of bullish sentiment and growing confidence among market players.</li></ul>

Bitcoin MVRV Hasn’t Peaked and That Tells a Lot

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