Bitcoin MVRV ratio
Bitcoin’s market value against what holders paid, the on-chain measure of whether the market is cheap or overheated.
MVRV today
Compiled by SBZ from public blockchain data. Updated every few hours.
Bitcoin’s market value against the price at which every coin last moved on the blockchain, since 2014 (log scale). Below 1 (green), the average holder has been at a loss, which has marked cycle bottoms; above 3.5 (red), cycle tops.
The average price at which bitcoin last moved: for all coins, for coins moved in the last ~5 months (short-term holders) and for older coins (long-term holders). The short-term cost basis is a widely watched support level; past bear markets bottomed near the long-term one.
What is MVRV?
MVRV stands for market value to realized value. It divides Bitcoin’s market capitalisation (today’s price times all coins) by its realized capitalisation, which values every coin at the price it last moved on the blockchain. Realized value is close to what holders actually paid, so MVRV shows how far the market trades above or below the average holder’s cost.
How to read it
An MVRV of 1 means the market is valued exactly at its cost basis. Below 1 (green zone), the average holder is at a loss; this has happened only near major cycle lows, in 2015, at the end of 2018 and in late 2022. Above about 3.5 (red zone), holders sit on large unrealized gains and profit-taking has historically marked cycle tops, as in 2013, 2017 and 2021. The 2024–25 cycle peaked lower, near 2.8, without reaching the red zone, a reminder that each cycle’s extremes have been milder than the last. Most of the time MVRV moves between these extremes.
Realized price
Realized value divided by the number of coins gives the realized price, the market’s average cost basis. We show it for all holders, for short-term holders (coins moved in the last five months or so) and for long-term holders. The short-term holders’ cost basis is a widely watched support level: when price falls below it, recent buyers are at a loss and selling pressure often rises.
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Frequently asked questions
What is a good MVRV ratio for Bitcoin?
Historically, readings below 1 have marked the best long-term buying zones, and readings above about 3.5 have marked cycle tops. Between 1 and 3.5 the market is neither deeply undervalued nor overheated.
How is MVRV calculated?
MVRV = market capitalisation ÷ realized capitalisation. Realized capitalisation adds up every bitcoin valued at the price it last moved on the blockchain, which approximates what holders paid.
What is the difference between MVRV and the MVRV Z-score?
The Z-score takes the gap between market and realized value and divides it by the historical volatility of market value. It makes extremes easier to compare across cycles, but tells broadly the same story as the plain ratio shown here.
Why did the MVRV peaks get lower each cycle?
As Bitcoin has grown, each cycle has brought smaller percentage gains above the cost basis: MVRV peaked near 4.7 in 2017, near 4 in 2021 and only about 2.8 in the 2024–25 cycle. Larger, more institutional ownership tends to dampen extremes.
For information only, not investment advice. Figures are updated automatically and can differ slightly between data providers.