Valuation

MVRV Ratio

Compares what all circulating bitcoin is worth today against what it cost, on average, the last time each coin changed hands.

Why it matters

It compares what the supply is worth today against what it cost on average the last time each coin changed hands. Above 1, the average holder sits on an unrealized gain; below 1 (historically rare) an unrealized loss — something that has clustered near deep capitulation lows. Its creators, Murad Mahmudov and David Puell (2018), and later writing commonly cite MVRV > 3.7 as an overvaluation zone associated with cycle tops — a historical reference, not an exact threshold.

Build it yourself

Drag market cap and realized cap and watch how the ratio reacts.

MVRV = Market cap ÷ Realized cap
MVRV

Illustrative example numbers for practice — not real data.

How it's calculated, step by step

  1. Market cap = circulating supply × current price (already computed by Coin Metrics).
  2. Realized cap: for every block, the project adds the USD value of every new output created (at that day's price) and subtracts the USD value of every input spent (at the price on the day THAT input was created). This daily delta is accumulated (a running SUM) in chain_stats_daily.realized_cap_delta_usd to get today's realized cap.
  3. MVRV = market cap ÷ realized cap.
Coincident signal. One of the most-cited cycle indicators, but it measures cycle phase, not a precise short-term warning — it can sit in an extreme zone for months.

Chart

This is real Bitcoin data, computed from the blockchain — not the illustrative example above.

Data last updated on 2026-09-09.

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