Definition. This chart presents two classic and widely recognized on-chain metrics: the Realized Price (blue) alongside spot price (black), and its derivative the MVRV Ratio, plotted as columns of average unrealized profit (blue) and loss (red).

• Realized Price is the average price of the %ASSET% supply, valued at the day each coin last transacted on-chain. This is often considered the 'on-chain cost basis' of the market.

• MVRV Ratio is the ratio between the market value (MV, spot price) and the Realized value (RV, realized price), allowing for a visualization of %ASSET% market cycles, and profitability.

Technical. MVRV is shorthand for Market Value to Realized Value, and it is an oscillator measuring the average Unrealized Profit/Loss multiple held by %ASSET% investors:

• MVRV = Spot Price / Realized Price
• Avg Unrealized PnL = MVRV - 1, plotted as positive (blue) and negative (red) columns

Interpretation. The average unrealized profit/loss held within the entire coin supply can be read directly from the MVRV level:

• MVRV value of 2.0 means the current price is 2x the market avg cost basis (average %ASSET% holder is up 2x).

• MVRV value of 1.0 means the current price is equal to the market avg cost basis (average %ASSET% holder is at break-even).

• MVRV value of 0.85 means the current price is -15% below the market avg cost basis (average %ASSET% holder is underwater by -15%).

💡 Hint: Extreme MVRV values to the upside, and downside can help to identify periods where the market is overheated, or undervalued, and where investor profitability has reached a large deviation from the mean (Realized Price).

Notes. Built from Realized Price; the native ratio is charted at MVRV Ratio. Related views: MVRV Ratio (Market Extremes), MVRV Deviation Bands, and the cohort variants Long-Term Holder and Short-Term Holder Realized Price and MVRV.