
The MVRV ratio, at 0.9613, is a battered topiary in the garden of market sentiment. “Below 1.0,” the analysts intone gravely, “we find ourselves in the twilight of the bear phase, where even the most ardent optimist might consider investing in a parasol.” The NUPL reading, a dour -0.0402, paints a picture of a market in a “Fear” state, as if the coin had just been caught sneaking out of a society ball in a borrowed topper. Yet, as Alphractal delicately notes, this is not quite the stuff of financial Armageddon-merely a “psychologically fragile zone.” One wonders if they’ve ever met a Monday morning.