The percentage of Bitcoin's circulating supply currently held at a profit vs. at a loss. Determined by the acquisition price of each UTXO relative to current price.
When > 95% of supply is in profit, it historically marks cycle top zones. When > 50% is in loss, it marks deep bear market capitulation and accumulation zones.
The sum of all UTXOs valued at the price they were last transacted. Unlike market cap which values all coins at current price, Realised Cap weights each coin by its last on-chain moved price.
Tracks the flow of capital between different cohorts of Bitcoin holders — from long-term holders to short-term holders and vice versa, based on UTXO age distribution changes.
The total unrealised profit or loss of all Bitcoin held on-chain, calculated by comparing each UTXO's acquisition price to the current market price.
The rate of change of the MVRV ratio over time. Shows the acceleration or deceleration of unrealised profits/losses across the market.