Key Notes
- The 2-year MVRV Z-Score shows Bitcoin at its all-time lows, comparable to previous major market lows in 2018 and 2022.
- Analyst Michaël van de Poppe identifies a hidden bullish divergence following the October sell-off and subsequent price falls.
- Large traders are positioning themselves bullish with highly leveraged long positions in BTC and ETH, while Arthur Hayes is accumulating altcoins including ENA, ETHFI and PENDLE.
Bitcoin
BTC
$91,457
24h volatility:
1.4%
Market capitalization:
$1.82T
Flight. 24h:
$68.45 billion
has reclaimed the price from $91,000 as traders wonder if the bottom has been reached for the leading cryptocurrency and other digital assets. With this idea in mind, Michaël van de Poppe highlighted that BTC is “at the most oversold levels in history”, according to an onchain indicator.
The indicator is the MVRV Z-Score, using the 2-year rolling variant. Basically, MVRV calculates the current “market value” of Bitcoin relative to the collective cost base of the network, called “realized value.” The 2-year Z-score measures the standard deviation of this metric over a two-year window, providing cycle-oriented information.
Based on this indicator, which shows the lowest levels in the asset’s history, including the 2018 low and the 2022 “FTX/LUNA” low, BTC could now find itself at one of the most obvious lows, ready for a rapid recovery, according to van de Poppe.
#Bitcoin is at the most oversold levels in history.
Yet people wanted to buy at these levels at $120,000 and are now looking to buy at $60,000.
Never change the markets, however, the chances of this market recovering as quickly as they do are significantly greater when looking at the… pic.twitter.com/k3X0EHskZu
– Michaël van de Poppe (@CryptoMichNL) November 27, 2025
More Bitcoin and Crypto Analysis
The analyst then shared another analysis on Bitcoin, highlighting what he believes is a bullish divergence hidden within a “clear uptrend for BTC.” These indicators are rising after the leading cryptocurrency experienced one of its “heaviest” crashes, following the unprecedented liquidation event on October 10 and further declines in a scenario described by BitMine’s chairman as a Fed quantitative tightening (QT)-like event for crypto.
Besides Bitcoin, Michaël van de Poppe is also interested in NEAR
CLOSE
$1.94
24h volatility:
0.5%
Market capitalization:
$2.48 billion
Flight. 24h:
$147.15 million
in what he sees as an opportunity and “probably one of the best opportunities to accumulate a position.” Indeed, NEAR is currently trading near its cycle lows, returning to “October 10 levels.”
Probably one of the best opportunities to accumulate a position in $NEAR.
It is swimming around the low point of the cycle and has returned to October 10 levels.
It’s not bad, it’s an opportunity and it’s mainly linked to the market environment rather than… pic.twitter.com/jbAUgmpj0u
– Michaël van de Poppe (@CryptoMichNL) November 27, 2025
Notably, NEAR is going through an interesting period, with significant developments improving sentiment around the project as its price lags a year-long support zone, as reported by Coinspeaker. Brave recently added the Near Protocol stack for AI privacy and verifiability, followed by Kalshi, a leading prediction marketplace, adding support for the token in its platform. Additionally, NEAR Intents volume and revenue increased significantly while enjoying major industry support a month after NEAR token inflation halving was approved, reducing annual issuance from 5% to 2.5%.
Other market signals also point to a bottom formation as whales and personalities position themselves with a bullish bias. Coinspeaker saw three large hyperliquid traders open highly leveraged long positions in Bitcoin and Ethereum.
ETH
$3,025
24h volatility:
0.3%
Market capitalization:
$364.58 billion
Flight. 24h:
$18.16 billion
on November 26, while Arthur Hayes went on a buying spree, accumulating ENA, ETHFI, and PENDLE. Hayes is the former CEO of BitMEX and one of the most influential crypto analysts, who also bought and promoted Zcash.
ZEC
$501.8
24h volatility:
3.5%
Market capitalization:
$8.26 billion
Flight. 24h:
$940.55 million
in his X account.
following
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article is intended to provide accurate and current information, but should not be considered financial or investment advice. Because market conditions can change quickly, we encourage you to verify the information for yourself and consult a professional before making any decisions based on this content.
Vini Barbosa has been covering the crypto industry professionally since 2020, summarizing over 10,000 hours of researching, writing and editing related content for media outlets and major industry players. Vini is an active commentator and avid user of technology, sincerely believing in its revolutionary potential. Topics of interest include blockchain, open source software, decentralized finance, and real-world utilities.
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