On-chain Metrics 1 min read
MVRV — Market Value to Realized Value
Also known as: Market Value to Realized Value, MVRV Ratio
Ratio of market cap to realized cap — signals whether a crypto asset is overheated or undervalued relative to its historical cost basis.
What MVRV measures
MVRV (Market Value to Realized Value) is the ratio between the market capitalization of a crypto asset and its realized capitalization.
- Market Cap = current price × circulating supply (the number everyone knows).
- Realized Cap = the sum of the prices of every coin the last time it moved on-chain. Essentially a volume-weighted cost basis for the whole market.
Formula
MVRV Z-Score
The more practical version is MVRV Z-Score, normalized by the standard deviation of Market Cap:
| Z-Score | Regime | Historical context |
|---|---|---|
| > 7 | Extreme overheating | 2013, 2017, 2021 tops |
| 2 — 7 | Bull phase | Expansion |
| 0 — 2 | Neutral / accumulation | Chop |
| < 0 | Capitulation | 2015, 2018, 2022 bottoms |
How to use it
MVRV is built for long-term decisions: «is the market cheap or expensive vs history?». On short timeframes it barely moves, so don't try to day-trade it.
Where to find it in Exum
Data Layers → On-chain → MVRV Z-Score layer.
Frequently asked
What is Realized Cap?
The sum of the prices of every coin at the moment it last moved on-chain. Think of it as the aggregate cost basis of the entire market.
What MVRV values typically mark cycle tops?
Historically, MVRV Z-Score above 7 has coincided with the 2013, 2017 and 2021 Bitcoin tops. Values below 0 tended to mark cycle bottoms.
Does MVRV work for altcoins?
The concept is universal, but reliable Realized Cap data is mostly available for BTC and ETH. For small caps the signal is much noisier.