Market Value to Realized Value (MVRV)
Market Value to Realized Value : 1.32
Description
The Market Value to Realized Value (MVRV) is the ratio between the market cap (asset price x supply) and the realized cap (cost basis x supply). The realized cap values each coin based on the price it was last moved on-chain instead of its current value. For example, The realized price today of 1 BTC that was last transferred on Jan 1, 2017 is $997.26. In this way it also accounts for lost and dormant supply (roughly 15% of BTC). The ratio gives a sense of when the price is above or below its fair value and can be used to assess market profitability
Usage
Higher values indicate a larger degree of unrealized profit is in the system, whereas lower values indicate that a large amount of the supply is near break-even, or held at a loss. Extreme values of MVRV can be used to identify market-cycle tops and bottoms as they reflect periods of extreme unrealized profit- and loss respectively. The value of the MVRV-ratio near market-cycle tops or mid-cycle tops has diminished over time. Interestingly, each market cycle bottom and the March 2020 capitulation event happened whenever the realized market cap exceeded the default market cap; that is, MVRV was smaller than 1.
출처: intothecryptoverse
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