Market Value to Realized Value (MVRV) is the ratio between market cap and realised cap. It gives an indication of when the traded price is below a "fair value". This metric was created by David Puell and Murad Muhmudov. For more information see this post

This is the Point-in-Time (PiT) variant of MVRV Ratio. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.