📉 After passing through the capitulation zone in February when BTC dropped below $60,000, the MVRV percentile fell below 10%, the zone identified as capitulation territory. This dynamic has been happening again since June. This chart is not simply showing the raw MVRV, which compares Bitcoin’s market cap, calculated as price multiplied by supply, with its realized value, which reflects the realized price in the market, meaning the price of each BTC when it last moved. ⌈💡Instead, this approach identifies where the current MVRV stands relative to its historical evolution. In other words, it does not rely only on the MVRV itself, a metric that is affected by Bitcoin’s structural evolution and its cycles. It adds a probabilistic dimension and, more importantly, places the MVRV back into the current market context, which makes it meaningful again. ⌋ 💥 Today we are around the 5th percentile, which means BTC has spent 95% of its time at a higher MVRV. This shows just how significantly undervalued BTC is today compared to its historical evolution. 👉 As we can see, these periods have always coincided with long-term low phases.