MVRV Z-Score

The Z-score version of MVRV: instead of a ratio, it measures how many standard deviations the gap between market cap and realized cap sits from its historical average. This normalization makes extremes comparable across cycles despite Bitcoin's growth.

Readings above ~7 flagged every cycle top within weeks; readings near or below 0 marked the deep-value zones of 2011, 2015, 2018 and 2022. It's slower and steadier than price-based oscillators because realized cap only moves when coins actually change hands.