The market for the first cryptocurrency is exhibiting an extremely rare analytical phenomenon: 14 out of 17 key on-chain indicators simultaneously point to a "bottom" phase. This degree of signal convergence is an exceptional event, occurring only when fundamental signs of asset undervaluation align completely.
Mass Signal: What the Metrics Say
The vast majority of tracked indicators on the analyst dashboard are in the Bottom zone. The adjusted MVRV (Market Value to Realized Value) ratio is recorded at 19, indicating a critical convergence of the market price with the actual cost of coins at their last movement on the network.
In the same phase are the Balanced Price at level 20 and the Delta Price at level 12. These fair value models historically signal zones where the asset trades below its fundamental valuation. The MVRV Z-Score has dropped to 6, demonstrating a statistically significant deviation of the market from its base value towards oversold territory.
Also classified as bottom are the Long-Term Supply MVRV with a value of 10, the base MVRV ratio (19), and the Realized Price at level 19. The latter reflects the average purchase price of all coins on the network, and its alignment with the market price is a powerful bullish argument.
Extreme values deserve special attention: the Percentage Supply in Profit and the Percentage UTXOs in Profit have fallen to 0. This means that almost all coins are at or near breakeven — a classic sign of capitulation by short-term speculators.
Bearish Tails and Monthly Dynamics
However, not all metrics have reached the bottom. Three indicators are still in a bearish phase: LTS NUPL (unrealized profit/loss of long-term holders) at level 33, the Market Cap to Thermocap Ratio at level 39, and the overall NUPL at level 37. NUPL values close to zero indicate a zone where past sell-offs typically exhausted themselves rather than deepened.
The 30-day dynamics for most metrics are negative or neutral, confirming a gradual slide towards the bottom. The steepest decline over the month was in LTS NUPL — down 3 points, followed by NUPL and the thermocap ratio — each down 2 points. Meanwhile, some indicators rose: the short-term supply realized price (STS) increased by 3 points, short-term MVRV supply also by 3 points, and STS NUPL showed the most notable growth — up 9 points.
My view as an analyst: The convergence of 14 out of 17 indicators is not just a statistical anomaly. It is an extremely rare moment when the market "speaks" in one language. However, the full picture is incomplete — three bearish metrics, especially LTS NUPL, require further decline for confirmation. If they follow the overall trend, we will witness one of the strongest bottom signals in recent cycles. Investors should closely monitor how the remaining bearish indicators react to current price levels.