Maketo
BitcoinBTC$82,967.60−0.40%Market moodNeutralNewsPositive

BITCOIN MVRV BY WALLET SIZE

Which wallet sizes are sitting on the biggest profits?

Today's price against what each group paid on average, as one ratio per size of holder.

10,000+ BTC: price against its average buy price

5,385 daily readings since 2012

Each line is Bitcoin's price divided by one size group's average buy price. Above the 1× line that group is ahead of what it paid on average; below it, behind. The chart draws the group you pick and its two nearest neighbours, and the scale rises by powers of ten so a group at 0.5× and a group at 5× fit in one picture.

Select a line to follow

+4 more in the tabs above

Inspect and compare dates

Pick two to four dates to read every group side by side.

Price against average buy price by wallet size on each date
Wallet sizeChangeRelative change
10,000+ BTC1.35×1.44×+0.09×+6.4%
1,000 to 10,000 BTC1.26×1.34×+0.08×+6.2%
100 to 1,000 BTC1.16×1.23×+0.08×+6.5%
10 to 100 BTC2.79×2.95×+0.16×+5.8%
1 to 10 BTC1.59×1.68×+0.09×+6.0%
0.1 to 1 BTC1.63×1.73×+0.10×+6.3%
0.01 to 0.1 BTC1.61×1.72×+0.10×+6.5%
28 Sep 2026: 10,000+ BTC 1.44×, 1,000 to 10,000 BTC 1.34×, 100 to 1,000 BTC 1.23×.

Right now

All seven size groups are ahead of what they paid on average.

The 100 to 1,000 BTC group sits closest to its average buy price, at 1.23×, ahead by 23%. The 10 to 100 BTC group is furthest ahead, at 2.95×, ahead by 195%.

Where every group standsevery group, 28 Sep 2026

Where every group stands, 28 Sep 2026
Size of holdingPrice vs buy priceAhead or behindShare of all Bitcoin
10,000+ BTC1.44×Ahead by 44%15.0%
1,000 to 10,000 BTC1.34×Ahead by 34%20.7%
100 to 1,000 BTC1.23×Ahead by 23%26.1%
10 to 100 BTC2.95×Ahead by 195%21.0%
1 to 10 BTC1.68×Ahead by 68%10.2%
0.1 to 1 BTC1.73×Ahead by 73%5.3%
0.01 to 0.1 BTC1.72×Ahead by 72%1.4%

The share column measures each group against ALL the Bitcoin in circulation, not against these seven groups, so the column comes to a little under 100%. The missing slice is the addresses holding under 0.01 BTC, which are not one of the seven.

Why is the 10 to 100 BTC group’s average buy price so low? It holds most of the coins mined in 2009 and 2010 that have never moved. Those coins cost almost nothing, so they pull its average far below the groups beside it.

What changed

since a month agoEvery group's reading is higher than it was on . The 100 to 1,000 BTC group moved furthest, from 1.16× to 1.23×.

who crossedNo group changed side in that month: each one is on the same side of its own average buy price as it was.

Keep in mind

01An address is not a person. One holder can spread coins across many addresses, and an exchange can keep millions of customers’ coins in a few. Read every group as a set of addresses, never a headcount.

02What the ratio says. 1× means a group's coins are worth what they last cost. 2× means the price is double that. Under 1× the group is behind on average. It is an average over a whole group, so it says nothing about any one holder.

For you

Read a group against its own line, not against the other groups. A group far above 1× has coins it could take profit on; a group under 1× is holding coins worth less than they cost, which is the harder position to sit in.

Then weigh the lowest reading by how much that group holds. The group sitting closest to its average buy price today is the 100 to 1,000 BTC group, at 1.23×, and it holds 26.1% of all Bitcoin. A large group near or under its cost matters more to the market than a small one at the same reading. This describes positions, not what anyone will do next.

Understanding
Bitcoin MVRV by Wallet Size

Where it stands today

The wallet-size group sitting closest to its average buy price, the 100 to 1,000 BTC group, is at 1.23× what it paid as of .

What does the chart show?

Take each size group's average buy price and divide Bitcoin's price by it. Above 1× the group is ahead of what it paid on average; below 1×, behind. This page keeps that ratio for seven size groups across the whole record, so you can see who is ahead, who is behind, and by how far.

What is MVRV?

MVRV, short for market value to realized value, is the technical name for the ratio: the current price measured against the average price a group's coins last changed hands at. 2× means the price is double what the group paid on average, 0.9× means the group is a tenth under.

Why do the groups read so differently?

Every group's reading divides the same price by that group's own average buy price, so the groups differ only in what they paid. A group whose coins last moved long ago at low prices reads high, and a group that bought recently reads near 1×. That is also why a reading can change while nobody in the group does anything: the price moved.

How much does one group's reading matter?

A group's share of all Bitcoin is in the table above, and it changes what its reading means: the same ratio from a group holding a quarter of all coins moves the market in a way the same ratio from a group holding one per cent cannot. The seven groups cover all but the addresses holding under 0.01 BTC.

How should you read it, and how not?

The groups usually move together, because every reading shares one price: all seven moved the same way on 4,693 of the 5,384 days on record. That makes the odd one out the tell: one group deep under 1× while the others are above it marks where the discomfort is concentrated. Read each ratio as a group average rather than anyone's actual account, and as a description of positions rather than a forecast of what those holders will do.

The numbers
behind the chart

What does the current reading show?

10,000+ BTC: the latest reading is 1.44×, on . The highest reading since is 7.02× on ; the lowest is 0.43× on .

1,000 to 10,000 BTC: the latest reading is 1.34×, on . The highest reading since is 5.74× on ; the lowest is 0.48× on .

100 to 1,000 BTC: the latest reading is 1.23×, on . The highest reading since is 4.74× on ; the lowest is 0.49× on .

10 to 100 BTC: the latest reading is 2.95×, on . The highest reading since is 9.47× on ; the lowest is 0.89× on .

1 to 10 BTC: the latest reading is 1.68×, on . The highest reading since is 3.88× on ; the lowest is 0.41× on .

0.1 to 1 BTC: the latest reading is 1.73×, on . The highest reading since is 3.81× on ; the lowest is 0.42× on .

0.01 to 0.1 BTC: the latest reading is 1.72×, on . The highest reading since is 6.38× on ; the lowest is 0.45× on .

Every figure is Bitcoin's price divided by one group's average buy price on that day, as the record carries it. A reading of 1 is the group's own break-even.

What are the latest, highest and lowest readings?
Price against average buy price by wallet size: range since 1 Jan 2012
MeasureLatestHighestLowest
10,000+ BTC1.44×7.02×0.43×
1,000 to 10,000 BTC1.34×5.74×0.48×
100 to 1,000 BTC1.23×4.74×0.49×
10 to 100 BTC2.95×9.47×0.89×
1 to 10 BTC1.68×3.88×0.41×
0.1 to 1 BTC1.73×3.81×0.42×
0.01 to 0.1 BTC1.72×6.38×0.45×
How do the readings compare with earlier dates?
Price against average buy price by wallet size: earlier readings
Reference date10,000+ BTC1,000 to 10,000 BTC100 to 1,000 BTC10 to 100 BTC1 to 10 BTC0.1 to 1 BTC0.01 to 0.1 BTC
1 month ago1.35×1.26×1.16×2.79×1.58×1.63×1.61×
3 months ago1.03×0.96×0.88×2.13×1.21×1.24×1.23×
6 months ago1.13×1.05×0.96×2.37×1.35×1.39×1.37×
1 year ago1.79×1.88×1.60×3.91×2.36×2.43×2.43×
2 years ago1.55×1.85×1.85×3.69×2.12×2.11×2.05×
What was the reading at each month’s end?
Price against average buy price by wallet size: 24 month-end readings
Reading date10,000+ BTC1,000 to 10,000 BTC100 to 1,000 BTC10 to 100 BTC1 to 10 BTC0.1 to 1 BTC0.01 to 0.1 BTC
1.37×1.28×1.17×2.82×1.60×1.65×1.63×
1.11×1.02×0.94×2.28×1.29×1.32×1.31×
1.01×0.95×0.87×2.09×1.19×1.22×1.21×
1.26×1.17×1.08×2.62×1.50×1.53×1.52×
1.30×1.21×1.10×2.71×1.55×1.59×1.57×
1.16×1.08×0.99×2.44×1.39×1.43×1.41×
1.12×1.05×0.96×2.38×1.36×1.40×1.38×
1.29×1.19×1.10×2.72×1.58×1.63×1.62×
1.39×1.33×1.21×3.05×1.77×1.82×1.81×
1.40×1.40×1.25×3.13×1.85×1.91×1.90×
1.70×1.76×1.50×3.72×2.24×2.31×2.30×
1.82×1.90×1.62×3.95×2.39×2.46×2.46×
1.72×1.86×1.60×3.86×2.33×2.39×2.38×
1.91×2.02×1.77×4.25×2.57×2.63×2.63×
1.94×1.98×1.73×4.09×2.48×2.52×2.52×
1.94×2.00×1.74×4.23×2.48×2.53×2.53×
1.80×1.88×1.68×3.94×2.31×2.36×2.34×
1.57×1.68×1.50×3.49×2.04×2.09×2.08×
1.60×1.75×1.54×3.60×2.12×2.16×2.15×
1.96×2.13×1.90×4.47×2.65×2.69×2.67×
1.81×2.04×1.83×4.34×2.54×2.57×2.56×
1.99×2.32×2.23×4.87×2.83×2.84×2.78×
1.61×1.89×1.88×3.84×2.22×2.21×2.16×
1.50×1.79×1.78×3.56×2.05×2.03×1.98×
maketo2012201620212026

Are Bitcoin holders in profit or loss?

BITCOIN MVRV RATIO

The same price-against-buy-price read for the whole market and holder ages.

maketo2012201620212026

Which Bitcoin holders are up, and which are down?

BITCOIN PROFIT BY WALLET SIZE

Each size group's paper profit or loss, side by side.

maketo2012201620212026

Who just locked in profits, and who took losses?

BITCOIN REALIZED PROFIT AND LOSS BY WALLET SIZE

The dollars each group locked in or gave up when coins moved.

maketo2012201620212026

How long has Bitcoin been sitting still?

Bitcoin HODL Waves

Source: Maketo’s wallet-size record. Reading for .

THE WEEKLY READ

A little context.
A clearer week.

Get the week’s Bitcoin moves, important charts and news in one short email. The first email has not gone out yet.

We’ll send one short email a week once it starts. No spam, and you can leave at any time. How we use your details.

You’re on the list. The Weekly Read will reach you once it starts.

That did not go through. Please check your details and try again.

AS THE MARKET MOVES

Follow the story
throughout the day.

New charts, important moves and live updates from Maketo.

Follow on X@Maketocom