Where can Bitcoin be sold during a bull run?

MVRV might be the most commonly used on-chain metric.
Let's take a brief look.

1️⃣ MVRV
The definition is simple: Market value to realized value ratio.
We know the market value: Bitcoin's current price. Realized value, on the other hand, refers to the price of Bitcoin at the time of its last movement. This is essentially the cost.
So, if BTC was $26K six months ago and you haven't moved it (to an exchange, etc.), its realized value is still $26K. The logic here is simple: You have to move it before selling.

2️⃣ What happened before?
In previous cycles, peaks were always above 3.7.
So, on average, after making 2.7 times profit, some decided it was enough and started selling. This is profit realization.
Buyers are newcomers. That's why the realized value shoots up; because the newcomers' cost is high. I'm also keeping track of that (and sharing it).
So, what's the situation now?

✅ Conclusion
Currently, MVRV is at 2.7.
There's no guarantee that MVRV will turn around above 3.7 at the bull's peak. But it might be logical to make gradual sales above 3. It entirely depends on your risk profile.
However, the biggest mistake is waiting for the peak.
No professional investor waits for the bottom or the top. They buy when it's cheap and sell when it's expensive. MVRV is just one of the metrics showing us that.

Hope this helps.

Thanks for reading 🙏