MVRV

The Bitcoin MVRV ratio compares Bitcoin's market capitalization to its realized capitalization. Market cap is the current price multiplied by circulating supply. Realized cap values each coin at the price it last moved on-chain, so it represents the aggregate cost basis of the network rather than today's quote. The ratio tells you how much the network is in profit or loss as a multiple of what holders paid.

Historically, an MVRV above roughly 3.5 has marked Bitcoin cycle tops as latent profit becomes too tempting to hold, while values below roughly 1.0 correspond to deep bear-market accumulation zones where most of the supply trades below its on-chain cost basis. The statistical bands overlaid on this chart show plus or minus 1 and 2 standard deviations from the long-run mean, giving you a regime-aware view rather than a single fixed threshold.

Read MVRV alongside the realized price line: when spot price trends well above realized price, holders sit on unrealized gains and selling pressure builds; when spot trades below realized price, the average holder is underwater and capitulation risk rises. Use MVRV as a cycle-position gauge, not a precise timing signal; it can stay extended for months.

Check the selected asset, units, and cohort before comparing readings. Compare the metric over consistent dates and use related measures to understand what contributes to a change.