Realized Price
Realized price is the realized market cap divided by total amount of generated coins.
MVRV Z-Score
Data & charts updated every hour
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<0
0–2
2–4
4–7
7+
Current Values
Now
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Yesterday
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Last Week
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Last Month
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Current Streak
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365-Day High & Low
365d High
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365d Low
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Percentile Rank
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All-Time Extremes
All-Time High
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All-Time Low
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Average Z-Score
Last 30 Days—
Last 90 Days—
Last 365 Days—
All Time—
Median Z-Score
Last 30 Days—
Last 90 Days—
Last 365 Days—
All Time—
Time in Current Zone (90d)
Current Zone—
Days in Zone—
% of Last 90 Days—
All-time distribution of MVRV Z-Score across ranges.
All-Time Zone Distribution
Below 0
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0 – 2
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2 – 4
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4 – 7
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7+
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Visual Breakdown
Average monthly MVRV Z-Score. Color-coded from green (accumulation) to red (overheated).
Past periods where the Z-Score stayed in the same zone as today's reading for at least 30 days. Returns are measured from the day it exited the zone. Excludes the most recent 6 months so all return windows have time to play out.
| Date | Z-Score | BTC Price | 30d Later | 90d Later | 180d Later |
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Average BTC return after each day in a given Z-Score zone over the last 3 years. Win Rate is the % of times BTC was higher 90 days later.
After Z-Score < 0
Avg 30d Return—
Avg 90d Return—
Win Rate (90d)—
After Z-Score 0 – 2
Avg 30d Return—
Avg 90d Return—
Win Rate (90d)—
After Z-Score 2 – 4
Avg 30d Return—
Avg 90d Return—
Win Rate (90d)—
After Z-Score 4 – 7
Avg 30d Return—
Avg 90d Return—
Win Rate (90d)—
After Z-Score 7+
Avg 30d Return—
Avg 90d Return—
Win Rate (90d)—
| Highest Z-Score Readings | ||||
|---|---|---|---|---|
| Date | Z-Score | BTC Price | 30d Later | 90d Later |
| Lowest Z-Score Readings | ||||
|---|---|---|---|---|
| Date | Z-Score | BTC Price | 30d Later | 90d Later |
MVRV Z-Score at major Bitcoin market cycle peaks and bottoms.
| Cycle Peaks | |||
|---|---|---|---|
| Date | BTC Price | Z-Score | Drawdown After |
| Cycle Bottoms | |||
|---|---|---|---|
| Date | BTC Price | Z-Score | Return 1yr Later |
MVRV Z-Score uses blockchain analysis to identify periods where Bitcoin is extremely over or undervalued relative to its 'fair value'.
MVRV Z-Score Chart Explained
The MVRV Z-Score, developed by Murad Mahmudov and David Puell, is a Bitcoin market analysis tool that evaluates Bitcoin's market value against its realized value.
The market value is simply Bitcoin's price, while the realized value considers the price at the time each Bitcoin last moved, accounting for lost or hodled coins.
MVRV Z-Score Formula
Z = (Market Value − Realized Value) / Std Dev(Market Value)
Market Value — Current Bitcoin price (what the market values BTC at right now)
Realized Value — Average price at which each BTC last moved on-chain (the aggregate cost basis)
Std Dev — Standard deviation of market value over the full history (normalizes the score across cycles)
MVRV vs MVRV-Z
While MVRV ratio is a simple ratio of market value to realized value, MVRV-Z score adds statistical analysis by measuring how many standard deviations the current MVRV is from its historical mean.
This standardization makes MVRV-Z more useful for comparing across different time periods and market cycles.
Disclaimer
Any information found on this page is not to be considered as financial advice. You should do your own research before making any decisions.
