The MVRV Z-score was near 0.37 on August 4, well below the euphoric extremes historically seen at cycle tops.
An MVRV near 1.2 has historically marked an accumulation or value range: not the deep undervaluation below 1.0, nor the euphoria above 3.0.
Analysts note an MVRV of 2.5 to 2.7 in 2026 may carry risk like 3.5-plus did in earlier cycles. Old top levels should not be applied mechanically.
Metrics can stay depressed for months. On-chain valuation frames risk; it does not time the market or predict price.
Read More →