Definition. This chart presents the MVRV Ratio 🔵 alongside its 180-day simple moving average 🔴 as a gauge for momentum, with spot price (grey) and green/red background shading marking the prevailing regime.

Technical. The momentum framework compares the ratio against its own trend:

• MVRV 180d Moving Average = sma(MVRV, 180) 🔴
• Background shading: 🟩 when MVRV > 180d SMA (positive momentum), 🟥 when MVRV <= 180d SMA (negative momentum)

Interpretation. Periods where MVRV trades above the 180-day SMA typically describe macro market uptrends, and periods below describe downtrends. Cycle transition points are often characterized by the MVRV breaking strongly across the 180-day SMA threshold:

• ⬆️ Strong Breaks Above 🟩 indicate large volumes of %ASSET% were acquired below the current price, and is now in profit (describing heavy accumulation near the lows).

• ⬇️ Strong Breaks Below 🟥 indicate large volumes of %ASSET% were acquired above the current price, and is now in loss (describing heavy distribution near the top).

Because MVRV measures aggregate unrealized profitability, momentum in the ratio captures whether investor profitability is expanding or contracting relative to its recent trend — a complementary signal to price momentum alone.

Notes. For full details on the derivation of these models, please refer to our report Mastering MVRV. Built from the native MVRV Ratio. A normalized oscillator version of this framework, using a 1yr moving average, is charted in MVRV Momentum Oscillator.