MVRV states that BTC is far from overheating.

MVRV-states-that-BTC-is-far-from-overheating

MVRV (Market Value to Realized Value) ratio is defined as an asset's market capitalization divided by realized capitalization.

BTC has been consolidating as realized price has been trending upwards. The lower MVRV goes the more attractive BTC becomes to buy.

Currently MVRV is far from the previous high, which includes the high price of local BTC near the end of Q1 in early Q2 2021, the previous peaks of the BTC cycle saw higher MVRV levels, indicating that BTC still has more room to run.