Bitcoin has dropped 8.8% from its recent peak, with on-chain metrics indicating potential undervaluation. The MVRV ratio, a key indicator, has fallen below zero, suggesting that the average Bitcoin holder is currently at a loss. Despite the price decline, whale wallets holding between 1,000 and 10,000 BTC have accumulated an additional 56,372 BTC since late August. Concurrently, exchange reserves have decreased by over 31,000 BTC in the past four weeks, pointing to reduced supply pressure and a possible setup for future price recovery.