Bitcoin’s cycle-adjusted MVRV metric has fallen to 25.7 %, its lowest level in some time, according to analyst Darkfost. This reading, below the 30th percentile, corresponds to a zone historically associated with accumulation rather than euphoria. Bitcoin repeatedly failed to break through the $87,000 resistance level between late September and early October 2026, with the spot price hovering around $81,700 to $81,900. Long-term holders are distributing more coins than they are acquiring, while US spot Bitcoin ETFs saw positive flows in September before flattening or turning to slight outflows in October.
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