$BTC | The MVRV Z-Score proxy I track dipped into the cycle bottom zone earlier this year. Five months past the October ATH it has only climbed back to 0.35, still in the near realised value band (0.08 to 1.01). We never read a cycle off one indicator. This proxy's peaks have shrunk every cycle: 9.29 in December 2017, 5.34 then 3.20 in 2021, just 3.82 in December 2024, below the 4.96 top threshold. Honest limitation: it runs on the 200 week moving average, not the real Realised Cap, so it is one input, not the signal. My read is 0.35 says the froth is gone without confirming a fresh low. SatoshiMacro's model weights it 25 percent of Tier 1. Worth a check before EOFY CGT sizing.

https://satoshimacro.com/tools/crypto/cycle-indicators/bitcoin-market-value-z-score/?utm_source=binance_square&utm_medium=social&utm_campaign=autopilot_short-1

#SatoshiMacro #MVRV #OnChain #Bitcoin