MVRV
Tech spec
| Field | Value |
|---|---|
| API name (slug) | mvrv |
| Group | market value to realized value (mvrv) |
| Unit / Valuetype | ratio / other |
| Shape | scalar |
| Resolutions | block, h1, h4, h8, h12, d1 |
| Endpoints | /v2/market_value_to_realized_value |
| Tier | 0 |
| Last updated | 2025-08-26 14:33 UTC |
| Docs | Open in Swagger |
Brief Description: The ratio of Market Cap to Realized Cap.
MVRV evaluates the profit or loss status of investors and identifies overvaluation or undervaluation in the Bitcoin market.
Metric variants
- _lth: MVRV restricted to Long-Term Holders (age ≥ 155 days).
- _sth: MVRV restricted to Short-Term Holders (age < 155 days).
- _52k: instead of full bitcoin history, only the last 52 500 blocks are used to compute the standard deviation (approx. 1 year)
- _210k:instead of full bitcoin history, only the last 210 000 blocks are used to compute the standard deviation (approx. 4 year, one halving cycle)
Interpretation The MVRV ratio indicates whether the investors are in a state of profit or loss, influencing investment decisions. A MVRV value of 1 it indicates that the investors (on average) are in neutral position, i.e. not in profit or loss. A MVRV value above 1 indicates that investors are (on average) in profit, and high values suggests that price is overvalued.
Advanced Explanation By comparing these two values, MVRV illustrates whether Bitcoin's price is inflated above or deflated below its perceived "fair value" determined by the cost basis of holders.
MVRV is calculated by:
MVRV = MarketCap / RealizedCap