Definition. This chart decomposes the classic MVRV Ratio into its Cointime Economics components: the traditional 🟣 MVRV Ratio, the 🔴 Active MVRV (based on the economically active supply only) and the 🟢 Vaulted MVRV (based on the dormant, vaulted supply only). The traditional MVRV Ratio accounts for all coins in the supply, irrespective of their realized value, and thus reflects the 'circulating supply' component of the three-region symmetry of Cointime Economics. Since Active Supply and Vaulted Supply are subsets of Circulating Supply, MVRV may likewise be decomposed into an Active and a Vaulted component.

Technical. The three ratios compare spot price against progressively filtered cost basis models:

• MVRV = Price / Realized Price (🟣)
• Active MVRV = Price / (Realized Price / Liveliness) (🔴)
• Vaulted MVRV = Price / (Realized Price / Vaultedness) (🟢)

where dividing the Realized Price by Liveliness (or Vaultedness) yields the Active (or Vaulted) Realized Price, re-weighting the aggregate cost basis onto the active (or vaulted) supply region alone.

Interpretation. As demonstrated in the Cointime Economics framework, it can be argued that classic MVRV unfairly dilutes the denominator by including lost and inactive supply that has not contributed meaningfully to the Realized Cap — implying that a 'breakeven' MVRV value of 1.0 is likely masking a large proportion of economically active coins held at a significant unrealized loss (offset by the tremendous profits held by long-lost supply). Active MVRV accounts only for coins actively contributing to revaluing the Realized Cap through market cycles; by excluding inactive supply, it has shown a more consistent and stable maximum value near historical cycle peaks, though market lows are less reliably identified, as the accumulation behaviour (and thus cointime accretion) that eventually establishes market floors is discounted. Vaulted MVRV accounts only for the relatively inactive, HODLed and/or lost coin supply; by excluding active supply, it provides a more consistent and stable minimum value near historical cycle lows, with low values marking periods where coin inactivity peaks — synonymous with a market preference for acquisition and transfer to cold storage, as the Vaulted Supply denominator swells with higher-conviction owners who contribute heavily to establishing bear market floors. Cycle peaks are, conversely, less reliably identified by the vaulted variant.

Notes. This chart was developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest. Full details are available in two formats: an overview primer (Version I, published via ARK) and a comprehensive guide for specialists (Version II, published via Glassnode). Built from Realized Price and Liveliness. See also the individual charts Active MVRV, Vaulted MVRV and the Cointime MVRV Ratio.