“Bitcoin MVRV ratio: 1.45 (UTXO set snapshot of 1 Nov 2026, block 974,069).” NodeWitness, https://nodewitness.com/en/charts/bitcoin-mvrv-ratio-chart/
Journalist? Ready-to-use images and CSV in our press kit.
MVRV compares market price with the average cost at which every bitcoin in existence last moved. We compute it from our own node’s UTXO-set histogram — the same source as our STH/LTH and supply-in-profit series. This is not the Z-Score.
Computed from the same series that draws the chart, not typed in by hand. If a cycle is not fully covered, that cell is left blank.
Watch the ratio: closing price divided by total realized price. Above 1, the market values bitcoin above the average cost of coins in circulation; below 1, the opposite. The line at 2 marks a relatively high valuation on this same series, not a sell signal.
Do not react to a single day. MVRV moves with price, and a one-week spike or trough says little. Compare stretches: how long it stays above or below 1, and how it left those zones in earlier cycles. Fixed thresholds expire — a level that marked a top in one cycle may never be reached again.
Murad Mahmudov and David Puell popularized MVRV in 2018, building on the Realized Cap of Nic Carter and Antoine Le Calvez. We compute it from our own node’s UTXO-set height histogram — the same source as our STH/LTH and supply-in-profit series — not from a third-party API.
Our weekly series starts in January 2018. The high sits near 4 in early 2021; the low near 0.7 in late 2018.
An MVRV above 1 means price is above the aggregate cost basis of coins in circulation; below 1, the opposite. The lines at 1 and 2 are reading aids for this series, not buy or sell signals: fixed thresholds expire every cycle.
In our series the high was 3.95 on 21 Feb 2021 and the low 0.70 on 15 Dec 2018. Each cycle’s highs and lows, including 2026, are in the milestone table, computed from the series that draws the chart.
Every week we snapshot our node’s UTXO set and value each group of coins at the close of the day they were created. Total realized price is the BTC-weighted average of STH and LTH realized price: (RP_STH × BTC_STH + RP_LTH × BTC_LTH) ÷ (BTC_STH + BTC_LTH). Weekly MVRV divides that day’s close by that realized price.
Between snapshots, daily MVRV divides each day’s close by the latest weekly realized price: an approximation, and the API labels it as such. If more than 10 days pass between snapshots, that stretch is left blank, and the approximation does not run more than 21 days past the latest snapshot.
5 Nov 2026: this chart goes live, with MVRV computed from our own node’s UTXO-set height histogram, not from Coin Metrics’ Z-Score.
6 Nov 2026: weekly 2026 snapshots that had been missing were added to the series.
8 Nov 2026: the page becomes a permanent fiche: chart right after the live reading, table of the latest 52 snapshots, cycle highs and lows computed from the series, CSV download and a fuller methodology.
It is an aggregate ratio: it does not split short- and long-term holders (that is on the STH/LTH chart) and it does not normalize by market-cap standard deviation. For that normalization see the MVRV Z-Score chart.
Realized price with NUPL is on the realized price chart; short- and long-term cost basis is on the STH/LTH realized price chart.
This page is the plain ratio: price divided by realized price. The Z-Score normalizes the gap between market cap and realized cap by the standard deviation of market cap, and on NodeWitness it comes from Coin Metrics. This chart is our own-node ratio, without that license.
Not on its own. It says price is below the aggregate cost basis of coins in circulation. That has lined up with cycle lows, but the metric has no view on what comes next and can sit in its low zone for weeks while price keeps falling.
Why fixed MVRV thresholds expire every cycle is in why MVRV thresholds expire. The normalized variant is on the MVRV Z-Score chart and in its analysis. The rest of our market figures are on the Market page.
Where the cycle stands with the indicators we already compute, on Cycle & Score.