“Even though BTC is breaking new all-time highs, its free float market value to realized value (MVRV) ratio is currently relatively low. Market value to realized value (MVRV) has historically been one of the most reliable on-chain indicators of bitcoin market tops and bottoms. During previous cycles a free float MVRV of 3.0 or above has indicated a local top, while an MVRV of below 1.0 has indicated the bottom of the cycle. Free float MVRV is currently about 2.1. For more information about MVRV and an in-depth explanation of how it’s calculated check out our On-Chain Indicators Primer.”

Coin Metrics’ State of the Network (substack.com)

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