The charts and themes from the past week that tell an interesting story in crypto and investing…

The chart above shows the Bitcoin Market Value to Realized Value (MVRV) Z-Score along with the Bitcoin price in USD. MVRV is a popular on-chain indicator used to gauge whether Bitcoin is overvalued or undervalued. It is calculated by dividing the market capitalization of Bitcoin by the realized capitalization, which is the sum of the price paid for each Bitcoin at the time it was last transacted on-chain. The Z-Score is a statistical measure that indicates how many standard deviations a particular data point is away from the mean.

MVRV is still under 2.5, despite Bitcoin being up +150% YTD. So while it might seem like the market is overheated by just looking at price action. We are far from over. In short, we are just getting started.

In the spirit of we are just getting started, Bitcoin popularity is yet to surge, as indicated by Google Trends. While this might not be the perfect metric, it at least gives us a glimpse as to where everyone's head at.

The STH RP is a metric that tracks the average price at which short-term holders (those who have held their Bitcoin for less than 155 days) acquired their coins. It acts as support during a bull market. The Short-Term Holder Realized Price (STH RP) acts like a financial tightrope for Bitcoin in a bull market. Currently, with the price soaring at $42k and the STH RP anchored at $34k, the market appears stretched thin. This record-breaking delta between price and support could spell volatility – a potential reversion to the mean as reality catches up, or sideways movement as the STH RP scrambles to regain its footing. History whispers that prices rarely stray far from this crucial metric for long. The air crackles with anticipation – will Bitcoin defy gravity and forge a new path, or will the tightrope snap, sending the market tumbling toward its support? Only time will tell, but one thing's for sure: buckle up because the next act of this bull run promises to be a thrilling one.

Miners' revenue has seen a huge jump this year, alongside Bitcoin's price. Going from $15m at the start of the year to $45m, that's a 300% increase YoY. Miners are raking in more profits than they were a year ago.

And that's it for this week.

Have a great weekend everyone.

- Pascal

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