Bitcoin MVRV Z-Score Falls to 0.42 as Analyst Says Capitulation Has Not Appeared

CryptoQuant analyst Axel Adler Jr. said on X that Bitcoin’s MVRV Z-Score has fallen to about 0.42, roughly four times below its historical average of 1.7. According to Odaily, he said the reading suggests Bitcoin is in an undervalued range, but it has not yet turned negative, meaning the market has not seen the kind of capitulation selling that usually accompanies a cycle bottom. He also said Bitcoin’s 7-day realized profit and loss has turned positive and is now about $239 million, which indicates that on-chain selling pressure has eased. Adler said the market is in a phase of undervaluation and short-term stabilization, but it has not yet shown the capitulation signal needed to confirm a cycle bottom, and there is no clear new demand driver.