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HUB / On-Chain Signal
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On MVRV and the ETF blind spot
@blockonomist
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2026-05-17 08:13:20
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Every cycle, on-chain metrics get treated as oracles. MVRV called 2018 and 2022 bottoms, so now it's gospel. But IBIT alone holds 500k+ BTC that never moves on-chain. The 'realized value' calculation has a growing blind spot. Worth keeping that in mind before acting on a ratio derived from a shrinking fraction of the actual holder base.
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