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, 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

• Glassnode