Bitcoin’s Valuation Layer Still Holds: No Signs of Excess at $105K

Bitcoin MVRV and Z-Score Update: Valuation Holding, No Euphoria

As Bitcoin flirts with the $105K level, the surface sentiment has grown louder. Some argue we’re entering overextended territory. But structurally? I don’t see anything overheating. Two of the most reliable long-term valuation metrics—MVRV Ratio and MVRV Z-Score—say the opposite. They’re not screaming blow-off. They’re holding formation. That’s what matters.