MVRV Historically Undervalued: Z-Score -2.28, Even Lower Than the 2018 Bottom What does this number mean? During the worst of the 2018 bear market, it was only -1.6. Now it’s even lower. In early February, it hit -3.38 at one point—insane, breaking all-time records. MVRV measures the deviation between 'market price vs. on-chain realized cost.' A negative value means the entire market is, on average, in a loss state. A Z-Score of -2.28 indicates that the current price is severely compressed relative to on-chain costs. But there’s a counterpoint worth mentioning—AMBCrypto pointed out 'undervalued but structurally weak.' This means that just because it’s cheap doesn’t mean it’ll pump right away. Back in 2018, the bottom also went sideways for 4 months before moving up. So the question isn’t 'is it cheap' (the data already answers that), but rather 'are you willing to trade time for space?'