#Bitcoin $BTC

MVRV Z-Score - in my opinion the most important on-chain metric - tells us the true story of where we are in the BTC cycle.

MVRV shows the difference between Bitcoin's market cap and what people actually paid for their coins (realized cap). The Z-Score normalizes this data.

Simple version: When it's high (red zone), people are sitting on massive profits and usually sell. When it's low (green zone), people are underwater and smart money buys.

Look at the pattern: Every major top coincided with MVRV Z-Score above 7-9 (red area) 2017: Hit 9+ before the crash 2021: Hit 7+ before the crash 2025: We're sitting at around 2

We're not even close to the danger zone yet. People aren't massively overextended on profits like they were at previous tops. This tells me we've got room to run.