Could BTC NVT and Puell Multiple be hinting at undervaluation?
Both the NVT Golden Cross and Puell Multiple declined by over 23% and 25%, respectively.
Together, these suggest that Bitcoin’s price is still catching up with on-chain fundamentals. Miners aren’t showing stress, and network activity isn’t in overdrive.
In other words—no froth. This points to value-driven growth rather than a speculative surge.
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