Onchain Highlights
DEFINITION: The MVRV Z-Score evaluates whether Bitcoin is overvalued or undervalued relative to its “fair value”. Instead of using a traditional z-score method, the MVRV Z-Score uniquely compares the market value to the realized value.
Shiba Inu has seen an acceleration in the number of burns being carried out on a daily basis. In the last day alone, the burn rate has more than doubled as investors pour out in an effort to reduce the supply of the meme coin.
Quick Take
The ongoing miner capitulation, driven by a falling Bitcoin price, declining hash rate, and a meager hash price, has significantly impacted publicly traded Bitcoin miners.