Recent market volatility saw cryptocurrency prices plummet and billions in value disappear, followed by a swift rebound. Despite this sudden sell-off and its quick recovery, Bitcoin’s market-value-to-realized-value (MVRV) ratio suggests a healthy expansion of the current cycle. Analysis indicates that despite some recent price fluctuations, the market remains well below historical overvaluation peaks seen in previous bull runs. 2.0 on the MVRV scale is currently near the level of 4.0 in prior cycles from 2013 to 2021. This suggests a healthy and structurally sound market, far from the euphoric extremes seen during previous booms. Long-term investors are holding steady, demonstrating confidence in Bitcoin’s long-term growth, while on-chain metrics reveal that institutional investment is increasing.