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Crypto analytics firm IntoTheBlock says that key metrics show Bitcoin (BTC) is not in a full-on bull market.

IntoTheBlock says that Bitcoin’s current fundamentals are dissimilar from those during historical bull markets as the crypto king stalls around the $40,000 level.

“A lack of volume compared to previous bull markets, a limited decrease in long-term holders’ balance and a very modest MVRV (market value to realized value) ratio of 1.88, imply that Bitcoin is most likely suffering a temporary setback and is yet to enter the real bull-market territory.”

The analytics firm says Bitcoin holders are not behaving as would be expected during a bull market while “Bitcoin prices decreased about 10% in the past week, and even more since the approval of the Bitcoin ETF (exchange-traded fund).”

Says IntoTheBlock,

“Most of the addresses decreasing their balances are those that have held Bitcoin for one-12 months. At the same time, long-term holders haven’t been buying as strongly as they’ve done in the past months, with a slight decrease in overall Bitcoin held by this group.”

The firm’s MVRV chart shows a relatively low ratio compared to historic BTC bull markets.

Source: IntoTheBlock/X

The MVRV is the ratio of an asset’s market cap versus its realized capitalization – the value of all Bitcoin at the price they were bought at, not the current price – and seeks to capture market bottoms and tops.

Bitcoin is trading for $40,674 at time of writing, down more than 3% in the last 24 hours.

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