In this video: The MVRV Z-Score is equal to (Market Cap - Realized Cap) / (Standard Deviation (Market cap)). It compares the market value and realized value in order to assess when the market is either overvalued or undervalued. The standard deviation pulls out the extremes in data, between market value and realized value and accounts for diminishing returns.
More formally, the Z-score is a number that reflects how many standard deviations the market value is different from the realized value at any given time. Video by Benjamin Cowen.
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Today, Bitcoin (BTC) is trading at approximately $64,240 ($63,999 to $64,325 across major exchanges like Binance and Yahoo Finance). The price represents a modest 24-hour increase of roughly 0.8% to 1.5%, consolidating and holding its ground over a choppy weekend. Despite this short-term stabilization, Bitcoin remains down nearly 50% from its historic all-time high of $126,080 reached in October 2025.
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-Macro and Geopolitical Headwinds: Crypto markets are trading sideways as investors process ongoing US-Iran ceasefire negotiations alongside threats of trade closures in the Strait of Hormuz. Central banks continue to project hawkish economic messaging, putting a lid on risk-appetite momentum.
-ETF Redemptions Easing: Institutional pressure is showing signs of stabilization as the record-breaking $4.4 billion spot ETF outflow streak has finally ground to a halt.
-Derivatives Positioning: While near-term open interest has dropped significantly, options markets show longer-term bullish positioning. Long-term traders are heavily stacking $120,000 call options expiring through December 2026, targeting a major Q4 cyclical recovery.
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