On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) Z-Score has declined to the lowest levels since the price was at $35,000.

Bitcoin MVRV Z-Score Has Plummeted Recently

In a new post on X, Glassnode analyst Chris Beamish has discussed about the latest trend in the Bitcoin MVRV Z-Score . This on-chain indicator calculates the difference between the market cap of BTC and its Realized Cap, and takes its ratio with the standard deviation of the market cap.

The Realized Cap here refers to a capitalization model for the asset that calculates its total value by assuming the ‘real’ value of each coin in circulation is equal to the price at which it was last transacted on the blockchain.

In short, what this metric represents is the amount of capital that the investors a

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