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.
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.
Bitcoin's price adjusted for monetary inflation (M2 money supply growth). Shows Bitcoin's real purchasing power value over time by removing the effects of currency debasement.
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.
The average acquisition cost of Long-Term Holders (coins held for more than 155 days). Represents the conviction price of patient, long-term investors.
An enhanced version of the Realised Price that adjusts for lost coins and very old UTXOs. Provides a more accurate representation of the active market's aggregate cost basis.