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
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.
Euphoria Zone
A composite indicator combining multiple pricing models to identify when Bitcoin has entered an unsustainably euphoric phase. Triggers when multiple independent models simultaneously signal overvaluation.
Power Law
A mathematical model that plots Bitcoin's price on a logarithmic scale over time, creating a corridor of expected prices. Based on the observation that Bitcoin's price follows a power law relationship with time.
NUPL
Net Unrealised Profit/Loss — measures the total profit or loss of all Bitcoin holders as a proportion of market cap. Calculated as (Market Cap - Realised Cap) / Market Cap.