Check out this MVRV chart.

MV is the market value for all btc in circulation. Essentially the market cap.

RV is the realized value. Essentially an average for all btc purchases or the average cost basis.

So this chart shows us the relationship between the market value and the realized value.

Historically, the tops come in when the MVRV is at about 3.5 or above 3.

From the chart, one could draw the conclusion that when the MVRV is at or above the market price starting from 2018, we just top out. (Like start a mega drop into bear market).

So far, it shows that we still have a long journey ahead before that!