This chart plots Bitcoin’s Adjusted MVRV Ratio (orange) against its price (gray). The MVRV Ratio compares Bitcoin’s market value to its realized value, highlighting potential overvaluation (red zone), fair valuation (yellow), or undervaluation (green). Historically, MVRV spikes in red have coincided with market tops, while dips in green have aligned with market bottoms, making it a useful on-chain indicator of cycle extremes.

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