Within a Cointime Economics framework, we make the claim that a traditional MVRV break-even value of 1.0, may in fact be masking the scale of unrealized loss held within the economically meaningful supply. We believe this assertion is sound and is visible when comparing Cointime supply regions with the total Supply Held in Profit or Loss.

This chart shows the following traces:

• 🟣 Circulating Supply.
• 🟢 Vaulted Supply, reflecting a volume equivalent to the economically inactive supply.
• 🟡 Total Supply in Profit, being the volume with a realized price lower than the spot price.

These convergence events between Total Supply in Profit and Vaulted Supply, suggests a degree of saturation by price-insensitive holders who are unwilling to spend their coins despite the market drawdown. It aligns with the widely discussed formation of Bitcoin market floors by the highest conviction holders.

Coined By

This metric was developed within the Cointime Economics framework for Bitcoin. This project was 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).