🚨 Currently, the annual MVRV has reached the threshold of 1.0 - this means that the short-term average (30 days) is almost equal to the annual average (365 days). The annual baseline remains positive and its curve appears to be horizontal as two forces are currently offsetting each other: after a strong impulse, the 30-day average has cooled down along with volatility and profit-taking speed, while the 365-day average still maintains the growth levels of previous months. As a result, the numerator and denominator are moving almost in sync, the gap between them is narrowing, and the baseline is neither sliding down nor accelerating up - the market is truly absorbing the previous price increase.

A position at 1.0 resembles a pause point in a bullish structure rather than the end of a cycle. As long as the annual baseline does not reverse downward, we are talking about balance rather than trend breakdown: the network is reallocating risk from those holding high profits to those who are more patient without signs of capitulation. In the coming weeks, we will see reactions at the level of 1.0. Currently, the picture leans more towards timing than reversal.