The MVRV is an on-chain metric that relates Bitcoin’s market capitalization to its realized capitalization, enabling the assessment of aggregated latent gains or losses among investors across the blockchain. On August 18, market gains stood at 22.82%. As of September 22, these gains had risen to approximately 62.15%, representing an increase of 39.33 percentage points. Over the past month, as Bitcoin’s price has risen, investors’ latent gains have grown rapidly, with profitability expanding in a near-exponential trajectory. This behavior reflects how the price’s upward momentum is significantly expanding the accumulated gains of investors. Carmelo Alemán – On-Chain Analyst – CryptoQuant Verified Source: CryptoQuant