[Bitcoin's MVRV Falls Below 1.2, Triggering the Third Signal This Year; ETFs See Net Outflows of $1 Billion in Five Days] According to Jinse Finance, on November 16th, CryptoQuant analyst Darkfost posted that Bitcoin's MVRV (market capitalization to realized market capitalization) falling below 1.2 triggered the third signal in its valuation-predicted bear market of 2026; the previous two occurred in February when Bitcoin broke through $60,000 and in June-July when it reached $57,000. However, according to Farside Investors data, in the five full trading days ending November 13th, US spot Bitcoin ETFs saw a total net outflow of $1 billion, with a single-day net outflow of $185 million on November 13th. On the same day, XWIN Japan posted on CryptoQuant that the SOPR is approximately 0.98, below the break-even point of 1, but did not specify the variant used or the observation period. MVRV is calculated by dividing market capitalization by realized market capitalization at the last moving price. CryptoQuant's methodology guide considers an MVRV below 1 as a potential bottoming area, which differs from Darkfost's adjusted threshold of 1.2. Darkfost's post also does not provide a history of threshold changes or reproducible backtesting, and three signals are insufficient to confirm three persistent bottoms. At 10:44 UTC that day, Bitcoin was trading at $65,461.