Bitcoin · on-chain valuation
MVRV ratio, z-score & delta.
Market value compared to realized value, updated daily from CoreCharts.
MVRV Ratio divides market capitalization by realized capitalization. A rising ratio means market value is expanding faster than the aggregate on-chain cost basis. Very high readings have historically appeared in late-cycle conditions, while low readings usually mark periods where spot valuation is close to, or below, realized value.
MVRV Z-Score measures how far the market-cap minus realized-cap spread sits from its long-run scale. The chart also includes market cap and realized cap so the standardized reading can be checked against the two underlying capitalization series.
MVRV Delta keeps the market-versus-realized spread in dollar terms rather than converting it into a ratio. It is useful for tracking how the absolute valuation gap expands and contracts across Bitcoin market regimes.
Definitions
- Market cap
- Circulating supply priced at the current market price.
- Realized cap
- Each coin priced at the value it last moved on-chain.
- MVRV family
- Market value against realized value — as a ratio, a standardized spread, or a dollar gap.