Definition. Entity-Adjusted MVRV is an improved variant of MVRV Ratio that discards transactions between addresses of the same entity ("in-house" transactions), so the ratio accounts for real economic activity only and provides an improved market signal compared to its raw UTXO-based counterpart.

Technical. To determine the PnL state of an entity, its average acquisition price is compared to the current spot price. The metric equals Market Cap / Realized Cap (Entity-Adjusted). It is related to Entity-Adjusted NUPL via NUPL = 1 - 1 / MVRV.

Notes. For more information on entity-adjustment and account-based metrics, read our articles here and here.