Firsthand Bitcoin · Data · Bitcoin miners

MVRV ratio

Market value divided by realised value: how far the price sits above the network’s cost basis.

1.62× on Sep 20, 2026, against 2.10× 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
2025-10	1.96×
2025-11	1.61×
2025-12	1.56×
2026-01	1.41×
2026-02	1.23×
2026-03	1.26×
2026-04	1.41×
2026-05	1.36×
2026-06	1.10×
2026-07	1.19×
2026-08	1.48×
2026-09	1.62×

Questions

What is mvrv ratio today?

1.62× as of September 21, 2026, up 11.2% over the last 30 days.

How has it changed over the past year?

A year ago it was 2.15×; today it is 1.62×, a change of -24.6%.

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.

By year

2026 · 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013

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.

Updated daily. Latest data 2026-09-22.

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