Bitcoin MVRV Enters Accumulation Territory as BTC Holds Above $61K on July 3

According to on-chain data analyzed by Cantor Fitzgerald, Bitcoin's MVRV Z-Score and adjusted sell-side risk ratio entered accumulation territory during the week of June 30, 2026, marking levels last seen near cycle lows in 2019, 2020, and 2023. The asset traded above $61,000 on July 3 according to CoinGecko, after the MVRV Z-Score fell below the +2-standard-deviation threshold historically associated with overheated conditions.

US spot Bitcoin ETF flows showed signs of recovery, with $221.7 million in net inflows on July 2 after a 10-day outflow streak that drained $2.7 billion, according to SoSoValue data. Cantor Fitzgerald estimates Bitcoin may bottom around October 2026 based on a 384-day average cycle pattern from prior cycles, though the asset currently trades 51% below its 2025 peak.