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Is the Bitcoin Bull Run Over?

Jun 2, 2021 · 4 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

So far, today’s looking like another (mildly) green day for crypto. ETH and BTC are up 5% and 2% respectively, while CRV and DOGE lead the way up 30% each. In today’s edition, we’ll look at a few important data points that are often used to gauge sentiment of various market participants across crypto.

Key Takeaways

The MVRV ratio is a on-chain metric that measures Bitcoin’s market value (MV) against it’s realized value (RV). Realized value was conceptualized by David Puell and Murad Mahmudov, and it values the Bitcoin network based on the BTC/USD price when coins were last moved. On-chain analysts believe the MVRV ratio is an accurate indicator of tops and bottoms, and the historical data offers confluence to that view. From the chart below, it’s obvious that the MVRV overextended in early 2011, late 2013, and early 2018 — all of which represent cycle tops. Notably, the upper threshold on the MVRV has red

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