CoinVoice latest learned that, according to the latest market information, on August 27, CryptoQuant analyst Axel posted on social media stating that the current annualized adjusted MVRV ratio of Bitcoin has reached the range of 1 - which means that the short-term average (30 days) is basically on par with the annual average (365 days). The annualized basis remains positive, and its curve is horizontal, resulting from the mutual offset of two forces: after a strong rise, the 30-day indicator cools down in sync with the volatility and profit-taking speed, while the heavy 365-day average still contains the growth momentum of the past few months. The result is that the numerator and denominator move almost in sync, the difference between the two shrinks, and the basis line neither declines nor accelerates upward - the market is substantively digesting the previous increases. This situation tends to indicate a pause in a bullish market structure rather than the end of a cycle. As long as the annualized basis does not show a downward reversal, it should be viewed as a balanced situation rather than a trend breakdown: the network is reallocating risk from impatient holders to more patient holders, with no signs of panic selling observed. The market's reaction to the current position in the coming weeks will be crucial. At this stage, what the market needs more is time rather than a reversal of direction. [Original link]

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