Median MVRV (Price to Median Realized Price)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Median MVRV divides BTC price by the Median Realized Price, the midpoint of the cost basis of circulating supply when coins are ranked by the price at which they last moved. A value above 1 means more than half of all bitcoin sits in profit.
How to read it
Higher readings mean the median coin carries a larger gain, and elevated values have historically appeared in the later stages of bull markets. Drops below 1 mean most coins are underwater, which has mainly happened during deep bear market drawdowns. Because it uses a median, it is less distorted by near-zero-cost early coins than the standard MVRV.
In Bitcoin's earliest years most coins carried tiny cost bases, producing extreme readings that are not comparable with today's. The median can jump when a large block of coins near it changes hands, and it counts coins rather than owners, so exchange consolidation still affects it.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- Cost Basis & Valuation
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,507
FAQ
How is Median MVRV different from the standard MVRV Ratio?
Standard MVRV uses the average cost basis of all coins, which very cheap early coins and lost coins pull down. Median MVRV uses the midpoint of the cost-basis distribution, so those extremes carry little weight.
What does a Median MVRV of exactly 1 mean?
BTC price equals the Median Realized Price, so roughly half of circulating supply is in profit and half in loss. It works as a dividing line for network-wide profitability.
Why were early Median MVRV readings so extreme?
Shortly after Bitcoin first had a market price, most coins were valued at a tiny cost basis, so modest price gains produced huge multiples; the full-history peak is above 75. That period says little about today's market.
