Cycle extremes with a one-year momentum regime — (market cap − realized cap) ÷ σ(market cap) — cycle extremes detector
MVRV Z-Score uses Bitcoin's UTXO cost-basis data: Cycle extremes with a one-year momentum regime. It connects the current market with the prices at which coins were last moved.
Think of it as a thermometer. Red zone up top = feverish, historically near cycle peaks. Green zone below = ice-cold, near major bottoms. In between is where most of life happens.
It flashes rarely — maybe a handful of days per cycle. Treat those days seriously; ignore the rest.