MVRV Ratio
What Is MVRV Ratio?
Market Value to Realised Value — the ratio between Bitcoin's market cap and its realised cap. Measures whether Bitcoin is overvalued or undervalued relative to the aggregate cost basis of all holders.
How to Interpret
MVRV > 3.0 historically signals overheated, euphoric conditions and potential cycle tops. MVRV < 1.0 indicates the market is trading below aggregate cost basis — historically the best accumulation zones.
More Pricing Models Metrics
Monetary Premium
Measures the premium that the market places on Bitcoin above its utility value (transaction volume). A high monetary premium indicates strong store-of-value demand.
STH Realised Price
The average acquisition cost of Short-Term Holders (coins moved within the last 155 days). Represents the cost basis of recent market participants and speculators.
AVIV Ratio
Active Value to Investor Value — a refined version of MVRV that adjusts for active supply and investor behavior. Provides a cleaner signal of market valuation by filtering out dormant and lost coins.
NVT Price
Network Value to Transaction Price — derived from the NVT ratio, this metric estimates a fair value for Bitcoin based on its on-chain transaction volume, similar to using P/E ratios to value stocks.