Bitcoin now looks cheap by one measure after $1 billion in ETF outflows

Bitcoin's latest on-chain valuation alert has arrived after five consecutive sessions of net redemptions from US spot exchange-traded funds, highlighting a lower valuation before the demand evidence confirms that buyers are absorbing supply. CryptoQuant analyst Darkfost reported on Nov. 15 that Bitcoin's market-value-to-realized-value ratio, or MVRV, had fallen below 1.2. The ratio compares Bitcoin's market value with the value of coins at their last-moved prices. He called it the third trigger of his valuation preset during the 2026 bear market. Yet five completed ETF sessions through Nov. 13 recorded combined net outflows of $1 billion, according to Farside Investors . The alert identifies a gap between lower valuation and returning demand. A lower aggregate valuation does not show whether new buying can absorb coins being moved at a loss.

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