Current MVRV Z-score = 2.70. The MVRV Z-score has historically been very effective in identifying periods where market value is moving unusually high above realised value. These periods are highlighted by the z-score (orange line) entering the pink box and indicates the top of market cycles. It has been able to pick the market high of each cycle to within two weeks.

It also shows when market value is far below realized value, highlighted by z-score entering the green box. Buying Bitcoin during these periods has historically produced outsized returns.
 https://ik.imagekit.io/lens/media-snapshot/804d763b647483fdfb8f87dbba8808e7a94f115f7d331b85409d2a37c52b251a.png

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