Definition. The Cointime MVRV Ratio (orange) reflects the aggregate unrealized profit/loss multiple held by the market, computed from the Cointime Price. The chart also shows the Cointime Price itself against spot price, and a 1.0 reference line marking the break-even level.

Technical. The Cointime Price values the supply by cointime-weighted cost basis, and the ratio compares spot price against it:

• Cointime Price = cumsum(Price x CBD) / cumsum(CBC - CBD)
• Cointime MVRV = Spot Price / Cointime Price

Interpretation. This MVRV variant has similar properties to the classic MVRV Ratio, although with the added advantage of accounting for both cointime- and volume-weighted market behavior: coins that sit dormant accumulate weight in the denominator only when they are finally spent, which discounts lost and deeply dormant supply. Values above 1.0 indicate the market trades above its cointime-weighted cost basis (aggregate unrealized profit); values below 1.0 indicate aggregate unrealized loss. As with other MVRV variants, sustained extremes above the long-term range have historically aligned with overheated markets, and readings below 1.0 with late-bear capitulation phases.

Notes. Built from Coinblocks Created, Coinblocks Destroyed and Realized Price (shown for comparison). The underlying pricing model is charted in Cointime Price (Blummer Price); sibling ratios include Active MVRV, Vaulted MVRV and the AVIV Ratio. Developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest, with full details available in two formats: an overview primer (Version I published via ARK) and a comprehensive guide for specialists (Version II published via Glassnode).