MVRV Z-Score for Bitcoin is one of my favorite metrics to watch. It measures how far the current price deviates from the "fair value" based on on-chain data, aka how much are Bitcoiners up on their purchases on average. Formula MVRV = (market_value - realized_value) / stdev(market_value) market_value = current_price × circ_supply realized_value = last_moved_price × circ_supply Interpretation High Z-score (>7): Historically indicates market tops Low Z-score (<-0.5): Suggests market bottoms Mid-range: Normal trading conditions Based on MVRV Z-score (hovering under 3 right now), it looks like our Bitcoin bull market is just beginning (previous cycle tops have all crossed 7).