CryptoQuant analyst Axel has shared on social media that Bitcoin’s annualized adjusted MVRV ratio has reached the 1.0 mark. This signals a balance between short-term (30-day) and long-term (365-day) market averages, reflecting near equilibrium. Despite initial volatility and profit-taking, the positive annualized basis maintains a horizontal trend. The difference between the numerator and denominator is shrinking as the 30-day indicator slows down in line with broader market dynamics. The current state represents a pause within a bull market structure rather than a definitive end to its cycle. As long as the annualized basis remains stable, it suggests balance rather than a breakdown.