MarketPR
On-chain valuation metrics for $BTC have shifted into a range that has historically preceded price recoveries, according to Grayscale Investments research head Zach Pandl.
His analysis, anchored in the MVRV Z-Score and realized price, places Bitcoin in territory that has offered favorable risk-reward profiles for long-term holders — though Pandl is explicit that the current discount falls well short of the capitulation extremes recorded at the 2018 and 2022 cycle lows.
What the On-Chain Data Actually Shows The MVRV Z-Score and realized price are the two primary tools Grayscale used in this assessment.
Both compare Bitcoin's live market capitalization against its realized capitalization — essentially the aggregate value of every coin measured at the price it last changed hands.
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