MVRV ratio, z-score & delta.

MVRV Ratio chart compares Bitcoin's current price to the average price everyone paid for their coins. When it's high, holders are sitting on big unrealized profits—historically a sign things might be overheated. When it's low, most people are underwater, which often marks good accumulation zones. It's not a perfect timer, but it gives you a sense of whether the market is stretched or beaten down.

The Z-Score takes MVRV and measures how extreme it is compared to its historical average. The chart accounts for Bitcoin's volatility over time, which makes it better at spotting actual tops and bottoms than raw MVRV alone. When the Z-Score pushes above 7, we're deep in euphoria territory—previous cycles peaked around there. Below 0 means we're in capitulation zone, where historically it made sense to buy. Think of it as MVRV with context: not just "are we profitable," but "how unusually profitable or beaten down are we right now".

Instead of turning everything into a ratio, Delta just shows you the raw difference: market cap minus realized cap, in billions of dollars. This matters because a 2x MVRV means something completely different at $100B than at $1T. MVRV Delta lets you see how much absolute profit is sitting in the system—whether that gap is widening (euphoria building) or shrinking (pain setting in). It's especially useful for comparing cycles: the chart shows how the valuation cushion grows during bull runs and evaporates during bear markets, without ratios compressing the story.