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© 2026 The Markets Unplugged · Data in. Conviction out. - Published with Ghost & Aspect

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

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    On-chain and alt-sector research at The Markets Unplugged. Creator of the Bitcoin Barometer, Ethereum Barometer, Alt Sector Radar and ETH Rotation Index. Host of the Crypto Unplugged podcast.
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  • May 20, 2025
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Bitcoin’s Valuation Layer Still Holds: No Signs of Excess at $105K
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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.


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On-chain and alt-sector research at The Markets Unplugged. Creator of the Bitcoin Barometer, Ethereum Barometer, Alt Sector Radar and ETH Rotation Index. Host of the Crypto Unplugged podcast.
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