📉 A New Chapter for Bitcoin's Valuation

CryptoQuant analyst makes a compelling argument that $BTC is undergoing a fundamental shift in valuation.

The NVT golden cross, a reliable indicator of market sentiment, suggests that Bitcoin is currently trading at a discount to its actual network activity. This pattern has historically been associated with weak market sentiment and structural undervaluation.

What's behind this shift? The answer lies in on-chain fundamentals: price realigning with actual network activity.

A recovery is underway, but the indicator remains in a conservative range, indicating that this is not a bull run just yet. Instead, it's a process of deleveraging and accumulation.