Bitcoin's recent ETF outflows have created an interesting dynamic on-chain. Adjusted MVRV metrics suggest valuations are cooling down, offering a fresh perspective on market cycles. However, lower valuation alone isn't a green light. Until we see definitive proof that buyers are ready to absorb floating supply and stabilize momentum, caution remains warranted. It is all about watching how macro liquidity and order books react to these shifts. $BTC #Bitcoin #CryptoAnalysis #OnChainData