Bitcoin Trades Near Fair-Value As Buyer Interest Weakens At $64K

Bitcoin's onchain investor profitability, measured by the Market Value to Realized Value (MVRV) ratio, has reset toward the long-term average, indicating valuations are near levels that historically offer better risk-reward, though not yet deeply undervalued. Concurrently, realized capitalization has slightly contracted, and the largest cohort of supply is now coins aged three to six months, many of which are underwater. Exchange flow data supports a defensive phase, showing a modest reduction in aggressive selling pressure as the spot Cumulative Volume Delta (CVD) improved slightly despite a drop in spot trading volume to $6 billion. This stabilization of CVD near the $62,000–$64,000 range suggests supply is being absorbed more efficiently, potentially signaling the return of stronger spot demand if trading participation recovers.

(Source：Cointelegraph)