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On-ChainM
MVRV Ratio
Market Value to Realised Value ratio — compares Bitcoin's market cap to its realised cap. Values above 3.7 historically signal overheated markets; below 1 signals undervaluation.
Example
“When Bitcoin's MVRV Ratio dropped below 1.0 in late 2022, it indicated the market was trading below its aggregate cost basis — historically a strong signal of undervaluation.”