Bitcoin is back below the MVRV 30th percentile (25.7%) after being rejected near $87,000. It is therefore re-entering a transitional phase following a capitulation episode. 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 bitcoin:native 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. By falling back below the 30th percentile, Bitcoin is returning to a zone where it has spent only about 25% of its time at this valuation level. This remains consistent with a well-established accumulation zone, even though we have moved out of the extreme undervaluation zone, which has always coincided with market lows.