Market Value to Realised Value — the ratio between Bitcoin's market cap and its realised cap. Measures whether Bitcoin is overvalued or undervalued relative to the aggregate cost basis of all holders.
MVRV > 3.0 historically signals overheated, euphoric conditions and potential cycle tops. MVRV < 1.0 indicates the market is trading below aggregate cost basis — historically the best accumulation zones.
Active Value to Investor Value — a refined version of MVRV that adjusts for active supply and investor behavior. Provides a cleaner signal of market valuation by filtering out dormant and lost coins.
A composite indicator combining multiple pricing models to identify when Bitcoin has entered an unsustainably euphoric phase. Triggers when multiple independent models simultaneously signal overvaluation.
Bitcoin's price adjusted for monetary inflation (M2 money supply growth). Shows Bitcoin's real purchasing power value over time by removing the effects of currency debasement.
The average acquisition cost of Short-Term Holders (coins moved within the last 155 days). Represents the cost basis of recent market participants and speculators.