MVRV Z-Score
Market-cap vs. realised-cap, z-score normalised against a trailing 4-year history.
Latest reading
snapshot window. Baked at build time and refreshed live on load. Historical series and alternative windows are available over the API.
What it measures
Market-cap vs. realised-cap, z-score normalised against a trailing 4-year history.
Network-level signals derived from the live UTXO set: valuation, holder distribution, profit-taking behaviour.
How it is computed
mvrv_z = (market_cap − realised_cap) / σ(market_cap − realised_cap, 1461d). Realised cap is sum(value_btc × created_price_usd) over the live UTXO set; market cap is spot × circulating supply. The 4-year window spans a full halving cycle, smoothing regime bias.
Available windows: snapshot. Default: snapshot.
How to read it
Z > +2 historically marks cycle euphoria zones; Z < −1 marks capitulation. The signal is positional rather than directional — it tells you where in the cycle the market sits, not which way it's about to move.
Use it programmatically
This indicator is available over the REST API and to AI agents over the Model Context Protocol. The methodology above is the whole of it — there is no proprietary adjustment layer between the inputs and the number.
Informational purposes only — not financial advice or a recommendation.