The MVRV ratio shows Bitcoin holders have +125% average paper gains, below the +180% peaks seen at $73k in March and $100k in December.



Despite $1.2 trillion in unrealized profits near all-time highs, the lower MVRV suggests realized cap (capital inflows) is growing faster than market cap (price appreciation). This indicates fresh money continues entering Bitcoin at elevated levels, creating a more distributed profit base across the network.
BTC-0.85%
MORE-0.54%
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