Entity-Adjusted MVRV Ratio
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Entity-Adjusted MVRV divides Bitcoin market value by its entity-adjusted realized value, retaining inferred ownership history rather than repricing recognized internal transfers as new acquisitions. It is a unitless multiple: 1 marks aggregate breakeven for the measured holdings.
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Above 1, market value exceeds the adjusted cost base; below 1, the measured holdings are in aggregate unrealized loss. The series fell to about 0.811 on November 9, 2022, while the 2011 maximum was about 8.07. These show the historical range, not stable valuation thresholds across market eras.
Address clustering cannot reconstruct every owner or actual trade price. Lost low-cost coins remain relevant, and historical estimates can change with ownership labels. Compare like-for-like adjusted data; a value of 2 indicates twice aggregate cost, not that every holder has doubled their money.
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- Kategori
- On-chain-indikatorer
- Type
- Enkeltverdi
- Data siden
- 2009-01-03
- Nyeste data
- 2026-10-28
FAQ
Why use entity adjustment in MVRV?
A transfer between the same holder's wallets need not be a new acquisition. Entity adjustment aims to preserve that ownership continuity, reducing cost-basis resets caused by recognized internal moves.
What did the ratio below 1 in November 2022 indicate?
At roughly 0.811 on November 9, market value was about 81% of the adjusted cost base. It describes aggregate paper losses on that date, without establishing when prices would recover.
Is MVRV of 2 the same as a 200% profit?
No. Market value at twice cost means a gain equal to 100% of cost. Relative to market value, that gain is 50%, corresponding to NUPL of 0.5 when both measures use identical inputs.
