$BTC 💥🤯🧐this is very interesting

♨️♨️🎆🎆🎆🎆💥🧐🧐

🪙: not even overheated yet

The MVRV Z-Score indicator shows: the market is not in euphoria. That means everything is just beginning. 🚀

I share a chart that rarely appears in the news, but says a lot about the stage of the cycle. It is the MVRV Z-Score, one of the most accurate indicators to evaluate "how overheated the market is."

What does it show?

— The difference between Bitcoin's market capitalization and what people paid for it on average (realized cap)

— The Z-score is a mathematical "normalization" of that difference, to allow comparisons between cycles

In other words:

— High values (red zone): the crowd is with large profits, it’s time to take profits

— Low values (green zone): most are at a loss, the big players are buying 🟢

What do we see now?

— In 2013, 2017, and 2021, before the peaks, the indicator exceeded 7–9

— Now we are around 2

— That is, there is not even close to the profit that the crowd usually fixes at the highs

What does this lead to?

If we follow history, we haven't even entered the massive euphoria phase.

The market is not overheated.

The profits are still modest.

That means this cycle still has fuel. 🔥

Of course, this does not guarantee growth tomorrow.

But as part of the macro picture, it is an important signal: the current levels are not the ceiling.

☝️☝️☝️☝️on the rise do your own research get in