One of the core indicators for bull and bear markets: MVPV. MVRV Ratio: The toughest bull-bear referee in crypto, with a 100% hit rate in history! Key moments over the past few years: - 2018 bear market bottom: MVRV = 0.85 (red zone, widespread fear) - November 2022 FTX collapse: MVRV = 0.97 (ultimate bear market fear) - 2021 bull market peak: MVRV = 7.8 (extreme greed, frenzy sell-off) - March 2024 bull market high: MVRV = 3.65 (healthy greed) - Today, November 17, 2025: MVRV = 2.68 (mid-range green zone) The comparison is crystal clear: Every true bear market sees MVRV drop below 1 (overall unrealized losses). As long as it stays in the 1~3.7 "bull market belief zone," history shows it has never flipped into a bear market! Long-term holders, keep holding tight. New funds can just add positions gradually. Bitcoin MVRV is still in a bull market.