> For the complete documentation index, see [llms.txt](https://homepage.gitbook.io/unified/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://homepage.gitbook.io/unified/type-of-information-provided/global-markets-and-onchain-data-provided-by-unified/mvrv-ratio.md).

# MVRV ratio

MVRV (Market Value to Realized Value) ratio is defined as an asset's market capitalization divided by realized capitalization.

MVRV > 3.7 signals a potential market top.

MVRV < 1.0 signals a potential market bottom.

Note that there is a variant, the [MVRV Z-Score](https://studio.glassnode.com/metrics?a=BTC\&category=\&m=market.MvrvZScore), which is the ratio between the difference of market capitalization and realized capitalization, and the standard deviation of market capitalization.

Sources of MVRV data are:

* [Cryptoquant](https://cryptoquant.com/asset/btc/chart/market-indicator/mvrv-ratio?window=DAY\&sma=0\&ema=0\&priceScale=linear\&metricScale=linear\&chartStyle=line)
* [Glassnode](https://studio.glassnode.com/metrics?a=BTC\&category=\&m=market.Mvrv)