Active MVRV
profit multiple on the coins that trade
How far the price sits above the cost basis of the coins that actually circulate. It is the most reliable of this family near cycle peaks and the least reliable near lows.
DefinitionPrice / active realized price, where active realized price = realized cap / active supply.
LimitReliable near cycle peaks, poor at lows; its mirror, vaulted MVRV, is the other way round. It also tracks AVIV closely (r = 0.995 since 2020), so the two are close to one vote. Being corrected: this is built on active or vaulted supply, which the pipeline derived from the coinblocks liveliness while the published liveliness is coin-days. The gap averages 74,759 BTC of active supply, a median of 0.8%. The rebuild onto coin-days is under way and this caveat retires with it.