MVRV (Market-Value-to-Realized-Value)

Ratio of current market cap to the cost basis of all holders.

Realized cap values each coin at the price it last moved on-chain. MVRV = Market Cap / Realized Cap. MVRV above 3.5 has historically marked cycle tops; below 1 has marked deep capitulation bottoms. The Z-Score variant normalizes the metric over time.