Glossary

MVRV

MVRV is the ratio of market value to realized value. It compares the current price with the average price at which coins last moved.

MVRV stands for market value to realized value. Market value is the price multiplied by the supply. Realized value values each coin at the price on the day it last moved on-chain. The ratio compares what holders could sell for today with what they paid on average.

A value of 1 means the market value equals the realized value. A value above 1 means holders are in profit on average. A value below 1 means they are at a loss on average. The ratio can be computed for a cohort. NinjaTools shows the short-term holder version, which uses a 155-day window.

MVRV is an average. It does not show how the profit is spread among holders. Lost coins and long-dormant coins distort the realized value in the whole-market version. Large holders can also move coins between wallets and reset their age. Use the ratio as a measure of unrealized profit, not as a timing tool.