Dashboard/Lab/MVRV

MVRV

MVRV / NUPL

Market Value to Realized Value. Measures aggregate unrealized profit. Above 3.5 = overvalued, below 1 = undervalued.

Current Value

1.5174

As of

2026-10-16

Z-Score

—

Signal

Green

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Methodology

Open, reproducible — computed from our own archive node

Definition

Market Value to Realized Value — the ratio of Bitcoin's market cap to its realized cap (aggregate cost basis). It measures how much aggregate unrealized profit is embedded in the supply.

Formula

MVRV = market_cap / realized_cap

How we compute it

Market cap = circulating supply × price. Realized cap = the sum of every coin valued at the price when it last moved (its cost basis). Both come from our own UTXO archive; MVRV is their ratio. The result is clamped to [0.01, 50] to guard against divide-by-near-zero artifacts.

Provenance · Every on-chain metric traces back to our own self-hosted Bitcoin archive node — no third-party data vendor sits in the path. We extract the full UTXO lifecycle (each output's creation height/time, value, and the height/time it was later spent), join it against an independent USD price oracle, and roll it up into daily aggregates. The metric formulas are pure functions over those aggregates (src/pipeline/formulas.py), so any value on this page can be reproduced from the published daily archive.

Interpretation

Above ~3.5 historically marks cycle tops (large unrealized profit → distribution risk); below 1 means the average holder is underwater, historically a generational accumulation zone.

< 1Undervalued (holders underwater)
1 – 3.5Fair value
> 3.5Overvalued (top risk)

Caveats & limitations

  • ·Since 2026-10-12 realized cap is the measured cost basis of every unspent output from our own node (see Realized Cap). Before that it was a seeded estimate, which read MVRV 3.59 instead of 4.23 at the 2017 top. The old series is still published as Realized Cap (legacy seeded estimate), and the change is logged on the track-record page.
  • ·Coins mined before mid-2010 had no market price and count at $0, so MVRV before about 2013 is very high. Coin Metrics uses the same convention.

References

David Puell & Murad Mahmudov, "MVRV" · Glassnode Academy

Data points: 5,904 rows, 2010-08-18 to 2026-10-16Open in Lab →

Current MVRV reading

As of 2026-10-16, Bitcoin’s MVRV is 1.517, compared with 1.965 one year earlier (2025-10-16). The series has 5,904 daily readings from 2010-08-18 to 2026-10-16, computed from our own full-archive Bitcoin node and refreshed every day.

Historical extremes

The highest MVRV on record is 50.00 on 2010-08-18; the lowest is 0.415 on 2011-10-20. Readings near either end of that range have historically coincided with cycle turning points — use the chart above to see where today sits relative to past extremes.

Read it with

  • MVRV Z-Score — Standardized MVRV separating market cap from realized cap relative to volatility.
  • NUPL — Net Unrealized Profit/Loss.
  • Realized Cap — Sum of all UTXOs valued at the price when they last moved, measured coin by coin from our own node.
  • Thermocap — Market cap divided by cumulative miner revenue.
  • BTC Price — Bitcoin price (USD)

Data & method

Source: computed from raw UTXO data on OnChainLab’s own Bitcoin node — no third-party data vendor. Category: MVRV / NUPL. Last updated 2026-10-16. The full series is free to download as JSON or as part of the full daily CSV, and the published dataset is cryptographically committed — you can verify it yourself. Browse all metrics.