The MVRV ratio indicates that Bitcoin holders currently have an average paper gain of +125%, which is below the +180% peaks observed when Bitcoin reached $73,000 in March and $100,000 in December.

Although there are $1.2 trillion in unrealized profits near all-time highs, the lower MVRV ratio suggests that the realized cap (capital inflows) is growing faster than the market cap (price appreciation). This implies that new money is still flowing into Bitcoin at high levels, resulting in a broader distribution of profits across the network.