BITCOIN MVRV Z-SCORE

The MVRV Z-Score begins with the MVRV Ratio, which compares today's price with what holders paid. It then asks how far that ratio sits from its own four-year average. A reading of 0 means it is at that average. Positive readings are above it, and negative readings are below it.

Each holder group gets its own comparison. All holders give the broad market view. Recent holders show the people most sensitive to price moves. Long-term holders show the market's steadier base. Comparing every group with its own past lets the three lines sit side by side even though they normally move by different amounts.

A high reading means that group's profit ratio is more stretched than usual. A low reading means it is below its usual four-year level. This does not automatically mean the group is in profit or at a loss. For that breakeven view, use the MVRV Ratio page, which compares price with what the group paid.

Each point uses up to four years of earlier readings. The earliest points use only the history available at the time, so they carry less context. Once four years are available, older market conditions drop out of the comparison.

Extreme readings have often appeared near major market turning points, but the score can stay high or low for a long time. Use it to understand how unusual today's position is, not as a prediction or advice to buy or sell.