MVRV (Market Value to Realized Value)
The ratio of Bitcoin's market capitalization to its realized capitalization, where realized cap is the sum of every coin valued at the price it last moved. MVRV measures how far above or below the aggregate cost basis Bitcoin is trading. High MVRV historically corresponds to cycle tops, while low MVRV corresponds to cycle bottoms.
What MVRV Is
The ratio of Bitcoin's market capitalization to its realized capitalization, where realized cap is the sum of every coin valued at the price it last moved. MVRV measures how far above or below the aggregate cost basis Bitcoin is trading. High MVRV historically corresponds to cycle tops, while low MVRV corresponds to cycle bottoms.
Where MVRV Appears in TBL Research
MVRV is one of the on-chain bitcoin indicators that TBL tracks. For how it fits the broader framework, see TBL Guide to On-Chain Bitcoin Signals.
Related TBL Resources
TBL Guide to On-Chain Bitcoin Signals
On-chain data lets you read what Bitcoin holders are actually doing rather than what they say. TBL combines seven cost-basis and cycle valuation models into a single Master Valuation score from 0 to 100, and reads cohort behavior through short-term-holder MVRV, SOPR, the long-term-holder cost basis spread, and the URPD distribution.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.