Zizcrypto
BTC: Composite Index Remains Above 1.0 — Bottom Formation Still Unconfirmed
The Bitcoin Composite Index (BCI), which combines NUPL and MVRV, remains above the key bottoming level at 1.0. It captures both unrealized profit/loss and relative valuation, offering a broader view of market stress across the cycle. Historically, the strongest accumulation phases formed when BCI moved deeply below 1.0, reflecting periods of extreme market stress and deeply negative unrealized losses. While the index has declined from elevated levels, it has not yet entered the range typically seen during major bottom formation. This suggests normalization rather than capitulation, with deeper stress still needed before a structural bottom forms. Source: CryptoQuant