Bitcoin MVRV Z-Score: the latest reading
The MVRV Z-Score shows how far Bitcoin's market value sits above or below its realized value. Below are the latest readings, each with the date of its data.
1.98
As of 2026-10-28
1.45
spot ÷ realized price
As of 2026-10-28
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Join freeWhat it measures
MVRV compares Bitcoin's market value with its realized value. Market value prices every coin at today's price. Realized value prices each coin at the price when it last moved on-chain.
The Z-score turns the gap between the two into a standard score, so readings from calm and volatile years can be compared.
How to read it
| Zone | Reading | What it means |
|---|---|---|
| Below 0 | Less than 0 | Market value is below realized value. On average, holders are at a loss. |
| 0 and above | 0 or more | Market value is above realized value. On average, holders are in profit. Higher readings mean a wider gap, compared with how much market value moved over the past year. |
How it is calculated
- Market value: circulating supply times the daily price.
- Realized value: each coin valued at the price when it last moved on-chain. The data comes from Coin Metrics.
- Z-score: (market value − realized value) ÷ the standard deviation of market value over the past 365 days.
- MVRV ratio: spot price ÷ realized price.
- Updated once a day. The date on each reading shows when its data was last updated.
Questions
What is the MVRV Z-Score?
It measures how far Bitcoin's market value sits above or below its realized value, in standard deviations of market value over the past 365 days.
What does a negative MVRV Z-Score mean?
Market value is below realized value. On average, coins are worth less now than when they last moved, so holders as a group are at a loss.
What is the MVRV ratio?
Market value divided by realized value, which equals spot price divided by realized price. Above 1, holders are in profit on average. Below 1, they are at a loss.
Is this financial advice?
No. The reading describes the market. It does not tell you what to buy or sell.
Related indicators
- Altcoin Season Index The share of coins in three CT Index baskets that beat Bitcoin over 90 days.
- Bitcoin Realized Price The average price at which every bitcoin last moved on-chain.
- Bitcoin NUPL The share of Bitcoin's market value that is unrealized profit.
- Global M2 vs Bitcoin Money supply across the US, euro area and Japan, next to Bitcoin market cap.
- Crypto Market Health Score One 0 to 100 score for derivatives, options and stablecoin market stress.