🚨 Bitcoin is getting close to undervalued territory.

The MVRV ratio is around 1.1. Below 1.0, $BTC is usually considered undervalued.

We’re close but not there yet. At the same time, the Coinbase premium has been negative for weeks, the longest streak since Nov 2024.

✓ That means BTC is cheaper on Coinbase (U.S.) than globally.

✓ U.S. institutions and ETFs have been net sellers.

ETF flows in the last 90 days:

• -$7B (Nov)

• -$2B (Dec)

• -$3B (Jan)

• Total: -$12B

This isn’t panic. It’s disciplined distribution.

The key question now is: When does sustained selling pressure transition into renewed demand? 👀