Bitcoin: MVRV Ratio Z-Score

MVRV Ratio Z-Score standardises the MVRV ratio against its own history, expressing how far current market value sits from the aggregate cost basis of all coins in units of standard deviation.

Readings far above the mean mark zones where market value is unusually stretched relative to what holders paid — historically the region of cycle tops. Deeply negative readings mark the opposite extreme and have coincided with bear market bottoms.

A cross below the long-term average is the signal to watch: it has preceded both sharp corrections and the start of extended bear phases. It is most reliable read alongside other valuation measures rather than alone.

API — /v2/community/bitcoin-mvrv-z-score returns the Z-score. The 365-day average shown here is derived from it.