Bitcoin was mostly stable on Wednesday at $74,000 before it started to lose value gradually, dipping below $72,000 minutes ago.
And while supply pressure has eased significantly, demand remains muted as data revealed that “the rules of the game have quietly changed.”
Direction Still Unclear
In its latest report, CryptoQuant stated that Bitcoin’s supply-side activity has entered a subdued phase, while demand has yet to respond similarly. The MVRV Ratio, which compares market value to realized value, currently stands at 1.3, placing it just above the accumulation zone and indicating a minimal speculative premium.
This level means that Bitcoin is trading close to its aggregate cost basis, and reflects a reset phase rather than confirming either a market bottom or a recovery trend. On the supply side, miner behavior provides additional context. During the sharp price decline in early February, miner outflows climbed to almost 28,000 BTC, as selling pressure rose.
However, as prices s
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