According to data from memory blockchain analysis company IntoTheBlock, the market value to realized value ratio (MVRV) used to measure the valuation of the Bitcoin (BTC) market is currently 1.76. Juan Pellicer, a senior researcher at IntoTheBlock, stated that this ratio indicates that Bitcoin has not yet reached a level of overvaluation, similar to other cryptocurrencies.

The increase in MVRV value indicates that Bitcoin holders have a good level of unrealized returns, which means a higher likelihood of selling. And when the value decreases, it means that the holder's profit decreases and the possibility of selling decreases. From a historical perspective, MVRV values can also indicate when Bitcoin was undervalued or overvalued, as well as whether it was approaching the peak of the cycle.

Based on the current location of MVRV, Pellicer explained in an interview with BeInCrypto that:

Most assets are not yet close to their historical overvaluation range. For example, Bitcoin's highest MVRV peak this year was around 2.64, while in the previous cycle, the value was as high as 3.68. For many altcoins, the gap is even greater

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