Bitcoin continues to hold ground with strength, trading near $96,000. Beneath the surface, however, there is little sign of speculative excess or manic price action. One of the most reliable indicators of market overheating — MVRV (Market Value to Realised Value) — remains steady and subdued. This calmness, even as price pushes higher, offers valuable insight into the stage of the current cycle.

In this report, I will walk through the key signals from MVRV and what they imply about where Bitcoin stands in its broader macro structure.