Glossary ยท On-chain

MVRV Ratio

Market Value to Realised Value ratio - a valuation metric comparing price to average cost basis.

Definition

The MVRV Ratio is market capitalisation divided by realised capitalisation (the sum of each coin's price at its last on-chain movement). MVRV above 3.5 historically marks cycle tops; MVRV below 1 marks durable bottoms. It measures whether the market is over- or under-valued relative to the aggregate cost basis of holders. Spectre AI displays MVRV alongside other on-chain valuation metrics.