Bitcoin’s February MVRV Z-score plunge highlights undervaluation amid weak on-chain structure

In the first week of February, Bitcoin’s MVRV Z-score dropped to -3.38, far below the roughly -1.6 and -1.4 readings seen at the December 2018 and November 2022 cycle lows. Around 24-25 February, BTC swung between $62.5k and $70k before retracing to about $66k, while on-chain indicators such as NUPL and long-term holder MVRV suggested that a full capitulation phase and durable reaccumulation could still be some distance away.