MVRV Reveals Differences in This Bull Market
The MVRV of this bull market shows that it is less chaotic, with more micro-cycles, healthier, and driven more by real demand!
1️⃣ 2017: BTC 'newborn calf', a 'perfect bubble' formed by retail investors without interference (a single wave).
2️⃣ 2021: 'Institutions ramping up leverage' with FTX and others pushing higher.
3️⃣ This bull market is driven by off-exchange institutions, and the cycles are not just about a single wave of profit realization as in the past, but have seen multiple 'micro-cycles'.
What will the later stages of the cycle look like?
