Onchain data indicates Bitcoin’s investor profitability is returning to historical averages, potentially signaling a valuation reset. Crypto exchange order flow shows reduced selling pressure, with spot trading volume dropping to $6 billion from $7.6 billion. The market value to realized value (MVRV) ratio has normalized, indicating improved risk-reward levels. Realized capitalization has decreased by $33 billion, with sustained capital outflows and defensive market behavior. BTC holders are in a defensive phase, awaiting positive momentum to reverse the current trend. Exchange flow data shows a modest reduction in aggressive selling, while the spot trading volume has decreased, signaling cautious absorption of supply. Price holding within a specific range may indicate efficient supply absorption as spot participation recovers.

Read more at Cointelegraph: Bitcoin Trades Near Fair-Value As Buyer Interest Weakens At $64K