Bitcoin MVRV Ratio
Current ratio
1.30×
Fair value
Current ratio
1.30×
Cycle-peak ratio
4.32×
Nov 18, 2013
Cycle-bottom ratio
0.35×
Oct 20, 2011
Current zone
Fair value
What it is
Market value ÷ realized value, showing how the price compares to what the coins last moved at.
Realized value prices every coin at the moment it last moved, then sums it: the network's aggregate cost basis. Market value is the same supply at today's price. Their ratio is MVRV. Above 1, the average coin is held in profit; below 1, at a loss.
What the zones mean
Historical, not predictive: the coloured bands mark where past cycles turned.
Below 1 (green): the market is under its aggregate cost basis, and every major bottom (2015, 2018, 2022) printed here. 1–2.4 (unshaded): the broad middle. 2.4–3.7 (amber): elevated, typical of late bull markets. 3.7 and up (red): the 2017 and 2021 tops reached this. The levels drift between cycles, so treat them as ranges, not triggers.
How it's computed
Spot price ÷ realized price: the same thing as market cap ÷ realized cap, kept consistent.
We divide the daily close by realized price. That is algebraically Market Cap ÷ Realized Cap, but it avoids a subtle trap: realized value only counts coins with a knowable cost basis (those created after price data begins in 2011), so a market cap built on total supply would divide two different coin populations and read high. For the standardised version of this metric, see the MVRV Z-Score.