Điểm MVRV Z-Score của bitcoin gần mức đáy lịch sử, cho thấy giai đoạn tồi tệ nhất có thể đã qua

The Huoxing Finance report states that after last week's significant sell-off, Bitcoin's key on-chain metric, the MVRV Z-Score, is approaching the historical bear market bottom zone, indicating that the market price is gradually converging with the on-chain realized value, suggesting that the worst of the decline may be nearing its end. Data shows that Bitcoin's current MVRV Z-Score is 0.24, near the zero axis, which has historically been regarded as the "green accumulation zone." During previous bear markets in 2011-2012, 2014, 2018, and 2022, this indicator bottomed out near or briefly dipped below zero before initiating a new upward cycle. The MVRV Z-Score measures the deviation between Bitcoin's current market capitalization and its realized value. When the market price is significantly higher than the realized value, it suggests Bitcoin is relatively overvalued; conversely, when the price approaches or falls below the realized value, it indicates the market has entered an undervalued zone. However, analysts believe the market may not yet have formed an absolute bottom. On-chain data shows that the Short-Term Holder MVRV (STH-MVRV) is currently at 0.84, while the Long-Term Holder MVRV (LTH-MVRV) remains high at 1.29, and the two have not yet converged as they did at the bottoms of the 2015, 2019, and 2022 bear markets. This suggests that long-term holders still hold substantial unrealized profits, and the market may require further adjustment before forming a typical bear market bottom. Nevertheless, after last week's crypto market lost hundreds of billions in market capitalization, several historical signals indicating market recovery have begun to emerge.