The market's price of every coin against the price its holders last paid — unrealized positioning for the whole asset.
Latest value: 1.4199 (as of 2026-11-02).
One number the engine stored, carried as stored. The 730-day history and its gates live on the metric page and the dashboard tab.
MVRV — Market Value to Realized Value — divides bitcoin's market capitalization by its realized capitalization. The realized cap prices every coin not at today's price but at the price when it last MOVED on-chain: each UTXO is valued at the market price of its own last transfer. The ratio therefore reads the whole market's unrealized position. MVRV above 1 means the aggregate holder is in profit; below 1 means the aggregate holder is underwater relative to their last entry.
The ratio is best known for its historical ceilings and floors: bull-market phases have tended to print elevated MVRV (large unrealized gains, and with them distribution incentives), while deep bear bottoms have printed values near or below 1 (holders underwater, capitulation pressure already spent). Those are measured regularities of past cycles, not laws — each cycle's envelope has differed, and the platform states its own gate values on the metric page rather than importing folklore.
This page prints the latest value the platform's engine stored and when it stored it. The full derivation, its two publication gates and the 730-day history live on the metric page.
Above 1: the average coin is in profit. Below 1: the average coin is underwater. The distance from 1 is the size of the aggregate unrealized position.
Extremes describe pressure, not timing: high MVRV means many holders COULD realize gains; low MVRV means many already refused to sell into weakness.
Never read MVRV without its gate status — the platform publishes the value only when its cross-checks pass, and the metric page explains why.
The value comes from the platform's on-chain metrics engine (onchain_metrics.get_derived), computed over bitcoin's full public history and stored on the daily refresh schedule. Realized cap over the whole supply is the hard input — the engine documents the measured failure mode of partial queries on the metric page.
Whether bitcoin's aggregate holder is in profit (MVRV > 1) or underwater (MVRV < 1), and by how much — the market's unrealized position in one ratio.
Market cap ÷ realized cap. Realized cap values every coin at the price of its last on-chain movement, so the denominator is an estimate of what the market collectively PAID for its coins.
It has varied by cycle. Past bull tops printed well above the long-run median and bottoms near or below 1. The platform's own gate values — measured, not imported — are stated on the metric page alongside the derivation.
The engine publishes MVRV only when its cross-checks pass. An input that fails verification withholds the headline rather than publishing a number the platform cannot stand behind.
On the platform's metric page for MVRV (linked below) and on the dashboard tab — both render the stored 730-day series.