BITCOIN MVRV RATIO

What does this chart measure?

The MVRV Ratio (market value to realized value) compares Bitcoin's price with the average price every coin last changed hands at, the network's average buy price. A reading of 1 means price equals what holders paid on average. A reading of 1.2 means price is 20% above it, and 0.9 means it is 10% below.

Who is in each group?

All holders covers every coin. Recent holders are coins that last moved within roughly five months, so they react faster to price changes. Long-term holders are coins that have sat still for longer and move more slowly. The groups follow the age of the coins, so their members change every day.

Why is the scale squeezed?

Long-term holders once sat at more than 40 times their average buy price. The chart uses a logarithmic scale, where each step up is the same percentage change, so all three histories fit in one view. The tooltip and the tables below show the exact ratios.

Do very high or very low readings mark turning points?

Very high and very low readings have appeared around major turning points in the market, but they have never been precise timing signals. Extremes can last a long time, so the ratio tells you where holders stand today, not when that will change. It is not a prediction, and it is not advice to buy or sell.

What can it leave out?

The last transfer price stands in for what someone paid; it is not a receipt, and moving coins between your own wallets resets it.

How is this different from the Z-Score?

The MVRV Z-Score compares each group's profit with its own history, to show whether today's reading is unusual. Use this page to see whether holders are in profit or at a loss, and the Z-Score page to see how unusual that is. Open the MVRV Z-Score.