BTC Market Value to Realized Value (MVRV): 1.503
Compares what all bitcoin is worth today against roughly what its owners paid for it. Above 1 the average holder is in profit; below 1 the average holder is underwater. The points shown are real up to the date on the badge above the chart.
One number divided by another. The top number is what every bitcoin is worth at today's price.
The bottom number values each coin at the price it last changed hands at — a good stand-in for what its owner paid. So the ratio says how many times its purchase price the average coin is now worth.
For example, if this reads 2.1, the average coin is worth about twice what its owner paid — historically that is where big holders have started taking profits. Under 1.0 the average holder is sitting on a loss, which has **only** happened in the deepest parts of past downturns.
Readings near 3.5 and above lined up with the top of every previous four-year cycle. What happened in past cycles **is not** a promise about this one.
In words: the value of all bitcoin at today's price, divided by the value of all bitcoin at the price each coin last moved at [market cap ÷ realized cap — 'realized cap' is that second, purchase-price number]. Computed in-house from our own Bitcoin node's realized cap — the value of every coin at the price it last moved at, which can only be obtained by reading the whole chain.
The points on screen are real and complete up to the date on the badge **above** the chart; the outside feed that supplied them has been switched off for good. Our own Bitcoin computer is recounting this series from the very first block, and new points resume once that finishes.
Coins whose keys were lost still count at their last price, which pulls the average purchase price down a little.
bitcoin-data.com (BGeometrics) supplied every point on this chart, and each one is real up to the snapshot date shown. Safu switched that feed off for good because its licence does not let us republish the data, so no newer days and no older days will arrive from it — no paid key and no purchased history are planned. Safu's own Bitcoin node is re-reading the blockchain from 2009 to rebuild this history. Feed no longer used.
History from bitcoin-data.com (no longer collected) · daily points, 2022+ · historical snapshot, no longer updating