MVRV Z-Score
Standardised difference between market cap and realised cap. Reads how far Bitcoin trades above or below the aggregate cost basis of every coin.
Cycle 5 · with zones
Current cycle since the 2024 halving — use the range buttons to zoom in.
halvinglens.com · mvrv-z
Current reading
0.66z
Accumulation
Generational buy ·Accumulation· Cycle top zone
What it's telling us today
MVRV-Z currently reads 0.66 — Accumulation. Historically an accumulation range, where longer-term value has tended to build.
Why this matters
Has called every cycle top within a week (z > 7) and every bottom (z < 0). The single most quoted on-chain valuation oscillator.
Zones
- Generational buy— → 0.00
- Accumulation0.00 → 1.00
- Mid-cycle1.00 → 3.00
- Bullish3.00 → 5.00
- Euphoria5.00 → 7.00
- Cycle top zone7.00 → —
Cross-cycle view coming
This is a live on-chain metric, but our current free data source only reaches back about four years — so we show it for the current cycle only rather than drawing a 4-cycle comparison from data we don't have. Price-based metrics (Mayer, Puell, Rainbow) keep the full multi-cycle overlay.