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Data / MVRV ratio / 2025
Market value divided by realised value: how far the price sits above the network’s cost basis.
MVRV ratio opened 2025 at 2.30× (January 1, 2025) and closed at 1.56× (December 31, 2025), down 32.3%. The high was 2.52× on January 21, 2025 and the low 1.51× on November 22, 2025.
| Month | Month end |
|---|---|
| January 2025 | 2.39× |
| February 2025 | 1.94× |
| March 2025 | 1.89× |
| April 2025 | 2.12× |
| May 2025 | 2.25× |
| June 2025 | 2.22× |
| July 2025 | 2.26× |
| August 2025 | 2.05× |
| September 2025 | 2.11× |
| October 2025 | 1.96× |
| November 2025 | 1.61× |
| December 2025 | 1.56× |
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.
Other years: 2026 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013
Also in 2025: Bitcoin price · Distance from the all-time high · 200-day and 200-week averages · Network hashrate · Mining difficulty · Difficulty adjustments · Fees paid to miners · Transactions per day · Hashprice · Miner revenue · Miner prices per terahash · Bitmain releases and the bitcoin price