Bitcoin holding up during global chaos looks impressive on the surface… but the chain tells a more cautious story.
Right now the MVRV ratio is hovering around 1.2. That level usually signals early accumulation, not the kind of deep fear that historically marks a true cycle bottom. In past bear phases, the real turning points showed up when MVRV slipped below 1.0, when most holders were sitting on unrealized losses and the market had fully flushed out leverage.
What we’re seeing instead feels more like a stress test than a surrender. Capital hasn’t completely panicked out of the system yet. Until the market reaches that final stage of exhaustion, calling the absolute bottom might still be a bit early.
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