MVRV
Market cap divided by realized cap — price relative to the market's aggregate cost basis.
Understanding this chart
Realized cap values every coin at the price it last moved on-chain, making it the market's aggregate cost basis. MVRV is market cap divided by that: above 1, the average holder is in profit; below 1, underwater. It's the on-chain cousin of the risk metric — valuation measured from actual coin movements instead of price trend.
Historically, MVRV above ~3.5 marked euphoric tops (2013, 2017, 2021) and dips below 1 marked capitulation bottoms where the average market participant held at a loss. Today's reading near 1.2 sits in the low accumulation band. Realized cap here is derived as market cap ÷ Coin Metrics' MVRV series, since the raw series is paywalled — same number, different arithmetic.