Market value divided by realised value: how far the price sits above the network’s cost basis.
1.40× on Nov 5, 2026, against 1.81× a year earlier.
Market capitalisation divided by realised capitalisation. At 1 the average coin is worth what it last moved at; below 1 the network as a whole holds at a loss, which has marked every cycle bottom; above 3.5 the average holder sits on more than 250% and cycle tops have followed.
From Coin Metrics. It is the on-chain cousin of the Mayer multiple: the same question, asked of holders rather than of a moving average.
MVRV ratio, month by month
Month
MVRV ratio
Dec 2025
1.56×
Jan 2026
1.41×
Feb 2026
1.23×
Mar 2026
1.26×
Apr 2026
1.41×
May 2026
1.36×
Jun 2026
1.10×
Jul 2026
1.19×
Aug 2026
1.48×
Sep 2026
1.56×
Oct 2026
1.43×
Nov 2026
1.40×
Questions
What is mvrv ratio today?
1.40× as of November 5, 2026, down 11.7% over the last 30 days.
How has it changed over the past year?
A year ago it was 1.86×; today it is 1.40×, a change of -24.4%.
What is the highest mvrv ratio on record?
5.88×, on November 18, 2013.
How is this chart calculated?
Market capitalisation divided by realised capitalisation. At 1 the average coin is worth what it last moved at; below 1 the network as a whole holds at a loss, which has marked every cycle bottom; above 3.5 the average holder sits on more than 250% and cycle tops have followed.
Data: CSV · JSON. Embed: <iframe src="https://firsthandbitcoin.com/embed/mvrv" width="100%" height="420"></iframe>. Free to reuse with a link to this page.