MVRV is market cap over realized cap. BlockShield withholds it unless an independent provider agrees within 5% and the derivation is still exact.
MVRV is market capitalisation divided by realized capitalisation: what the market says the coins are worth, over what the market paid for them.
Above 1 the network is in aggregate profit; below 1 it is in aggregate loss. The conventional zones — below cost basis, accumulation, mid-cycle, elevated, euphoria — are published as descriptive bands, not as advice.
The ratio is computed over full Bitcoin history from a free macro dataset, because the partial realized cap this platform can compute itself covers roughly half of supply and would inflate MVRV by a measured margin.
Two gates stand between that input and a published number. First, an independent provider must agree within 5%. Second, the derivation must still be internally exact. Failing either withholds the value and names the reason on the page.
The internal check is deliberately not called validation: because realized cap is derived from the reference ratio, recomputing the ratio from it agrees by algebra however wrong the inputs are. It catches a renamed field or a changed unit, not an error. The provider that can actually disagree is the one that carries the verdict.
The market cap in the numerator is the reported figure from the platform's own price universe. It used to be a price-times-supply approximation because a call into a vendor facade silently did not exist — the failure was swallowed, and every MVRV input was quietly the approximation.
A bare MVRV of 1.2 tells a reader almost nothing. The percentile against the platform's own history is published beside it, because where the value sits in its own record is the part that carries information.
Unverifiable is not verified. When the cross-check fails, the number is withheld rather than published with a footnote — there is no way from here to tell which of two disagreeing sources is wrong.
MVRV bands are conventions inherited from a market with three completed cycles behind it. They are descriptive shorthand, not a fitted model.
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