MVRV — Bitcoin onchain, per block

A high value means the price is far above what the average coin last changed hands for, which is where past cycle tops have clustered; a low value means the market is priced near or below what holders paid.

DefinitionMarket cap / realized cap, where realized cap values every unspent coin at the price when it last moved.

LimitNUPL is this same number rearranged, exactly 1 - 1/MVRV to a measured maximum error of 4.44e-16, so NUPL was removed from the cycle dashboard rather than cast a second vote for the same fact. It still has its own chart. This also moves closely with MVRV Z-score and AVIV, which are related but not identical measurements. The euro version is not the dollar ratio converted: the euro realized cap is a running sum of past euro prices, so the two genuinely differ by the path of EURUSD, not just its level.

Unitratio

Also filed under

Am I in profit Is the market above or below what holders paid for their coins?
Cycle position Where in the cycle are we, on the fifteen indicators the dashboard ranks?
MVRV Z-score how unusual today's gap is by the market's own standards
NUPL how much of the market value is unrealised profit
Market cap to thermocap market value against everything miners were ever paid
Supply in profit the share of all coins worth more than they cost
Outputs in profit the share of unspent outputs worth more than they cost

Every metric · Back to the explorer