Crypto glossary
MVRV ratio
The MVRV ratio divides a coin's market value by its realized value to show whether holders as a whole sit on unrealized profits or losses.
MVRV stands for market value to realized value. Market value is the usual market capitalization; realized value, or realized cap, prices each coin at the moment it last moved on-chain, approximating the aggregate cost basis of holders. When MVRV is 2, the market values coins at twice what holders paid on average; below 1, the average holder is underwater.
For Bitcoin, the metric has historically reached high readings near cycle tops and fallen below 1 near major bottoms, which is why on-chain analysts and research desks cite it frequently. A standardised version, the MVRV Z-score, measures how far market value strays from realized value relative to its history.
It works best for UTXO-based coins with long histories such as Bitcoin, where coin movements are well tracked. Lost coins, exchange reshuffling and changes in market structure, like ETF custody, can distort it, and past thresholds are not guaranteed to repeat. It describes positioning, not timing.
Example
After a sharp sell-off, Bitcoin's MVRV drops to 0.9, meaning the market cap is below the realized cap and the average coin is valued under the price at which it last moved.
Related terms
Latest articles on MVRV ratio
- XRP and Dogecoin Flash Deep MVRV Discounts, Santiment Data Shows
- BCMI Undervaluation Signal Aligns With MVRV–NUPL Reset Near $75K
- XRP MVRV Sinks to Its Lowest Level Since FTX Collapse
- Analyst Flags Ethereum ‘Buy Zone’ as MVRV Ratio Hits Key Level
- Bitcoin’s MVRV Ratio Drops to Post-FTX Levels, Triggering Alerts Among Long-Term Analysts