**Market Analysis: MVRV and CQ Bull & Bear Metrics Signal Key Developments**

Recent on-chain data analysis reveals that pivotal indicators such as the MVRV Ratio and CQ Bull & Bear metrics are hovering just below their respective 365-day moving averages. This suggests a period of market anticipation.

The MVRV Ratio stands at 1.90, slightly below its SMA365 of 2.03. Similarly, the CQ Bull & Bear indicator is at 0.46, with its SMA365 at 0.50. The Bull indicator (SMA30) is currently at -0.04, indicating a cautious market sentiment.

Since mid-2024, both metrics have been oscillating around their moving averages without a decisive breakout. This holding pattern suggests that the market is awaiting clearer signals. As macroeconomic and geopolitical uncertainties diminish, the market is expected to regain direction.

A significant bullish trend may emerge once the Federal Reserve's rate-cut cycle gains momentum and quantitative easing is initiated.