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Bitcoin MVRV Ratio

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MVRV ratio

Y-axis capped at 8 for readability — MVRV briefly spiked far higher (~95) in Bitcoin's first illiquid weeks (mid-2010), before there was a meaningful market. Full history is in the underlying data.

MVRV Z-score

What this is

MVRV = market cap ÷ realized cap. Realized cap values each coin at the price it last moved, so MVRV compares what the market is paying now to the aggregate cost basis of all holders. ~1 is roughly fair value; historically, very high readings marked cycle tops and readings below 1 marked deep-value zones. The MVRV Z-score standardises MVRV by its historical spread, making cycle extremes easier to compare. Both are computed from our own node's UTXO-age index and price series.

Informational, not financial advice. · Explore MVRV and 20+ metrics in the app →