What is the MVRV ratio?
Market value is the current price times circulating supply. Realized value prices each coin at the moment it last moved on-chain, approximating aggregate cost basis. MVRV is the ratio of the two: above one, the market sits above aggregate cost basis; below one, beneath it.
How it is calculated
MVRV divides market value by realized value from on-chain data. The page follows the ratio as a daily series so you can see it relative to its own history rather than a single snapshot.
How to read it
High MVRV historically coincides with market euphoria and aggregate unrealized profit, conditions that have preceded cycle tops. Low MVRV, especially below one, marks aggregate unrealized loss and has historically overlapped with capitulation zones. It is a context gauge, not a timing trigger.
What it does not tell you
MVRV is a slow, cycle-scale gauge; thresholds that worked in past cycles can shift, and lost or dormant coins bias realized value. It is context, not a signal. Live values are in the authenticated app.