Bitcoin has recorded a shift in a closely tracked on-chain valuation metric, with Glassnode data showing MVRV momentum moving back into positive territory. The MVRV Ratio has crossed above its 365-day moving average, marking a transition that mirrors similar crossovers seen in 2019 and 2023.
Glassnode's MVRV Momentum Oscillator is calculated by dividing the MVRV ratio by its one-year moving average and subtracting one. A reading above zero indicates MVRV is trading above its annual trend.
Recent Momentum Recovery
The MVRV momentum indicator had declined to approximately 0.6 during 2025-2026, representing one of the deeper negative readings in recent history. The indicator has now recovered sharply from that depressed area back toward and slightly through the 1.0 threshold.
Historical Comparisons
Glassnode highlights the structural similarity between the current indicator transition and two previous crossovers:
- In 2019, MVRV momentum recovered through 1.0 after the 2018 bear market, followed by a major Bitcoin price expansion
- In 2023, the indicator crossed above 1.0 after the 2022 decline, with Bitcoin subsequently moving out of post-2022 recovery lows into sustained price gains through 2024
Both historical crossovers occurred as MVRV momentum transitioned from extended periods of weakness into positive territory.
Current Valuation Context
The current MVRV Ratio stands around 1.5-1.6, below the displayed historical average of approximately 1.8. This differs from earlier major market peaks, when MVRV exceeded 4 in 2017 and approached 4 again in 2021. The present reading indicates MVRV remains below historically extreme levels even as its momentum turns positive.
Glassnode emphasizes that the significance lies in the momentum crossover structure rather than MVRV reaching valuation extremes. The indicator has transitioned from a contracting regime with persistent negative readings into the initial phase of positive momentum recovery.
