This chart presents the MVRV Ratio color coded depending on the degree of deviation from the all-time mean. Upper and lower bands are then computed from these levels representing +/- 0.5 to 1.0 standard deviations.

The following market cycle phases are presented:

• 🔵 MVRV < -1.0σ
• 🟢 -1.0σ < MVRV < -0.5σ
• 🟡 -0.5σ < MVRV < +0.5σ
• 🟠 +0.5σ < MVRV < +1.0σ
• 🔴 MVRV > +1.0σ

Further References

For full details on the derivation of these models, please refer to our report Mastering MVRV.