During the second bottom test of the 2022 bear market, Bitcoin's median MVRV dropped to a low of 0.966 (price: $18k). In this current cycle, Bitcoin's median MVRV has dropped to a low of 0.965 (price: $59k). ┌── Indicator Details ──┐ Bitcoin's median MVRV reflects the profit and loss status of investors whose on-chain purchase costs are at the median level. • Indicator > 1: Most people are in profit, market overheating • Indicator ≈ 1: Break-even point • Indicator < 1: Most people are at a loss, bear market bottom Bitcoin's median MVRV is not affected by extreme old coins and provides a more accurate reflection of the cost basis for the "majority." It's one of the key tools for identifying cycle bottoms.