On August 9th, Juan Pellicer, a senior researcher at IntoTheBlock, said that most crypto assets are not yet close to their historically high valuation range. For example, Bitcoin's highest MVRV (Bitcoin Market Value to Real Value) ratio this year is around 2.64, while in the previous cycle, it was as high as 3.68. For many counterfeit products, the difference is even greater. Bitcoin, like other cryptocurrencies, has not yet reached a high valuation point, and despite bearish signs, continued retail trading participation may stabilize the price. The MVRV ratio suggests that the sharp decline experienced recently provides an opportunity to buy at a low price and gives Bitcoin a price growth opportunity. In addition, the rebound in institutional inflows and the buying pressure in the cash market suggest that the bitcoin price may be re-tested at $60,534.