Bitcoin’s MVRV Ratio Flashes Warning: Top of the Cycle Incoming?

Analysts are sounding the alarm that Bitcoin’s current uptrend may be nearing a peak, not based on price action alone, but through a powerful on-chain metric: the Market Value to Realized Value, 365-day moving average (MVRV 365DMA).

According to a July 28 analysis shared by CryptoQuant contributor Yonsei_dent, the 2025 cycle resembles 2021’s “double-top camel” structure, where two peaks formed roughly six months apart before ushering in a painful bear market.