MVRV by Profit/Loss Status
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
About this metric
What it measures
MVRV by Profit/Loss Status groups unspent coins by their percentage gain or loss relative to their last-move price, then divides each group's market value by its realized cost basis. The series are unitless multiples; Overall covers all supply.
How to read it
The negative bands describe underwater coins, while positive bands such as 100% to 300% describe coins with paper gains. Higher multiples within a band mean greater gains or smaller losses among its current members. Overall fell to about 0.78 on November 9, 2022, showing that the network as a whole was below cost even though profitable bands still existed.
Membership changes as price moves, so a band is not a fixed set of holders. Its ratio measures profitability rather than the amount of supply in that band, and the group ratios cannot be added. Sparse deep-loss groups can have no observation; very early readings also depend on limited price history.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Cohorts
- Type
- Breakdown
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
FAQ
What do the percentage bands mean in MVRV by PnL?
They describe a coin's unrealized gain or loss relative to its last on-chain cost, not its share of supply. For example, 100% to 300% means a market value roughly two to four times that cost.
How is Overall MVRV calculated from the bands?
Overall is total market value divided by total realized cost. It is a realized-cost-weighted combination of the group ratios, not their sum or simple average.
Why do some loss bands have gaps?
A ratio needs coins with a measurable cost basis in that band. The <-78.6% series has its last recorded observation on April 1, 2019; that old value should not be treated as a current reading.
