Definition. Market Value to Realized Value (MVRV) ratio segmented by unrealized profit and loss bands defined around Fibonacci retracement levels. MVRV compares market capitalization (current market value) to realized capitalization (the value of coins when they last moved). The breakdown distributes that ratio across PnL thresholds to show how much of the market sits above or below each band relative to a fair-value anchor.

Technical. Breakdowns use an address-based approach, analyzing transactions and holdings at the wallet-address level to facilitate comparability across digital assets and to ensure consistent analysis across various blockchain architectures. This contrasts with the UTXO-based approach available for chains like Bitcoin, where unspent transaction outputs are analyzed to categorize asset properties. Cross-method comparisons may show small deviations.

Interpretation. Surfaces the share of supply held above versus below cost basis at each PnL band — a direct view of where the market sits relative to a fair-value anchor. Answers questions of the form: are most coins currently held at a profit or a loss relative to their acquisition cost? A band reading above 1 sits in aggregate unrealized profit, a reading below 1 sits in aggregate unrealized loss.