Bitcoin’s MVRV Returns to Mean, Signaling Potential Revival in Market Demand

The MVRV Z-Score compares Bitcoin’s market capitalization with its realized capitalization, which values coins at the price of their most recent on-chain transfer. The metric gauges holders’ unrealized gains and losses and the extent of valuation deviations. Glassnode data showed it had retreated from an overheated zone more than one standard deviation above its long-term mean. Readings near zero have historically coincided with bear-market bottoms, putting the focus on whether demand will return.

On February 24, 2026, Glassnode data showed spot CVD improving to negative $161.5 million from negative $177.1 million, even as trading volume fell to $6 billion from $7.6 billion. Bitcoin held at around $62,000–$64,000. On June 8, BitBo reported that the MVRV Z-Score had fallen further to 0.24, but MVRV ratios for short- and long-term holders stood at 0.84 and 1.29, respectively, and had yet to show the convergence typically associated with bottom formation.