According to Wu Blockchain, the on-chain analytics platform Faro posted that current BTC on-chain metrics indicate the market has not entered an overheated zone. Their data shows the MVRV Z-Score, which measures the deviation of BTC price relative to the average cost basis of holders, is at 0.88—still far below historical peak levels. The Net Unrealized Profit/Loss (NUPL), reflecting the overall market's net unrealized gains, has stayed around 0.30 to 0.31 over the past 7 days, suggesting the market is profitable but not in a frenzy. The HODL Waves, which measure the age structure of BTC supply, reveal that approximately 59.2% of BTC supply has been held for over 1 year, while 40.8% has been held for less than 1 year. Faro believes BTC is currently in a more constructive phase rather than at a cycle peak. https://(wublock123.com)/news/faro-btc-currently-constructive-not-cycle-top-60557