Bitcoin's Current Price Reflects Neutral Market Conditions

According to BlockBeats, CryptoQuant analyst Axel Adler Jr has highlighted the current state of Bitcoin's market value using the realized supply distribution metric. This metric assesses Bitcoin's price relative to the actual investment cost for all holders. Realized supply refers to the total dollar value of all Bitcoin at the price of their last on-chain transfer. The calculation is expressed as Bitcoin price divided by realized supply, resulting in a ratio. Presently, Bitcoin's price is slightly above the annual average ratio level, similar to the situation in November 2024 when the ratio was at this level, leading to a price increase from $74,000 to $107,000. This indicates that Bitcoin is neither overbought nor oversold, suggesting that the market is in a neutral zone.