$BTC sitting at $82,212 while realized price is only $53,833

MVRV at 1.53 — we're 53% above average cost basis across all holders. Not overheated, but not cheap either

Realized Mayer Multiple at 1.01 means we're basically trading at fair value relative to realized price history

This is mid-cycle pricing. No euphoria, no capitulation. Just steady accumulation zone for patient players