Market cap ÷ realized cap — Market cap ÷ realized cap — >3.7 historic top zone, <1 deep value
MVRV uses Bitcoin's UTXO cost-basis data: Market cap ÷ realized cap. It connects the current market with the prices at which coins were last moved.
Above 3.5 has marked every major top; below 1 has marked every major bottom. Simple, slow, and hard to argue with.
Cost-basis metrics describe on-chain movements, not every off-chain trade. They are best read as a market-structure view, not a guaranteed buy or sell signal.