The crypto market is experiencing a pullback from its recent all-time highs, with the latest on-chain data suggesting growing caution. A key indicator illustrating this shift is the 1-Year MVRV Z-Score, which has fallen below neutral territory and now sits slightly below zero. This score tracks the profitability of average investors compared to the asset’s one-year trend. When this score turns negative, it indicates a decline in unrealized profit, meaning more coins are trading close to break-even or even experiencing losses. This trend contributes to decreased market confidence and could potentially lead to weaker price performance if sentiment doesn’t swiftly reverse.