Market value vs. realized value — the market's live profit multiple over its cost basis.
MVRV is one of the most-watched on-chain valuation metrics. It divides Bitcoin's market value by its realized value — every coin priced at the time it last moved — which turns the blockchain itself into a giant record of the market's cost basis. The reading above comes straight from Coin Metrics' community API and updates daily.
MVRV = 1 means the market trades exactly at its aggregate cost basis. Above 1, the average coin is in profit and the temptation to sell grows with the number; below 1, the average holder is underwater, which historically maps to capitulation and accumulation phases.
Every cycle top since 2013 has printed MVRV in the 3.5–7 range, and every major bottom has dipped under 1.0 — briefly under 0.8 in 2015 and 2022. The band in the widget marks these zones. Like all cycle metrics, extremes compress as Bitcoin matures, so thresholds drift downward over time.
The same data expressed two ways: realized price is the dollar level where MVRV equals 1. Traders often watch realized price as dynamic support in bear markets — the widget shows both, computed from the same daily on-chain snapshot.
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