The Delta Growth Rate — which tracks the divergence between $BTC market cap and realized cap — is still negative, but it's been climbing since July. That's notable.
Negative readings historically signal accumulation phases, weaker spec activity, and potential undervaluation. We're not out of the woods yet, but the trend is improving. The question is whether this recovery has legs to push the metric back into positive territory, which would signal a structural shift.
Right now, on-chain value accumulation is starting to catch up to price. Not a reversal yet, but the setup is quietly improving. Watch for confirmation — if Delta Growth flips positive, it's a real signal that the cycle structure is changing.
Negative readings historically signal accumulation phases, weaker spec activity, and potential undervaluation. We're not out of the woods yet, but the trend is improving. The question is whether this recovery has legs to push the metric back into positive territory, which would signal a structural shift.
Right now, on-chain value accumulation is starting to catch up to price. Not a reversal yet, but the setup is quietly improving. Watch for confirmation — if Delta Growth flips positive, it's a real signal that the cycle structure is changing.