MVRV
BTCBitcoin's market value divided by its realized value, or aggregate cost basis: how far price sits above or below what the average coin last moved at.
What it is
MVRV compares total market capitalization to realized capitalization, the sum of what every coin was last worth when it moved. Realized cap is the network's aggregate cost basis, so the ratio is a direct measure of the unrealized profit held across the market.
How it's computed
Divide market cap by realized cap. Above roughly 3.5–4, the average holder sits on large unrealized gains; below 1, the market as a whole is underwater on its cost basis.
How to read it
Readings around 3.5–4 and above have marked cycle tops, and readings under 1 have marked bottoms. The value is log-normalized onto the 0–1 risk scale.
At prior cycle extremes
MVRV has pushed above 3.5–4 near past cycle tops and fallen below 1 at the deepest bear-market lows, where price dropped beneath aggregate cost basis.
Related
Analytics, not advice. These metrics describe where market data sits in the cycle; they are not trading signals, price targets, or financial advice.