Bitcoin MVRV Drops to 1.1, Near the ‘Cheap Zone’ Seen at Major Lows Since 2018

Bitcoin’s market value to realized value (MVRV) ratio has fallen to about 1.1, a 27-month low that analysts associate with historically “cheap” valuations. Similar readings have previously appeared around major market bottoms, including a period that was followed by roughly a 67% rise over the next three months after the late-2022 FTX collapse. Analysts also caution that this cycle may not match past patterns, meaning a low MVRV reading does not guarantee an immediate bottom.