Deep valueAccumulationMid-cycleHeatingOverheated
MVRV ratio
Market cap divided by realized cap. Shaded zones mark historically meaningful extremes.
MVRV
Below 1.0 — under cost basis
Above 3.7 — historically frothy
Price against cost basis
Log scale. Realized price is what the average coin last moved at — price has historically found a floor near it.
Price
Realized price
200-week MA