Bitcoin is entering a very important phase of recalibration. It is one of the most popular cryptocurrencies, and its critical on-chain metrics are signaling a possible stabilization after recent volatility. The recalibration is reflected in the popular Market Value to Realized Value (MVRV) Ratio, which most recently has pulled back to its long-term mean of 1.74. The MVRV Ratio compares Bitcoin’s current market cap with the worth of all coins at the prices they were last moved. When this ratio is significantly above its mean, it usually signifies that unrealized profits are high and that the market is in a
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