LIQUID STATE · tools · mvrv z-score

Bitcoin MVRV Z-Score

Live MVRV Z-Score from the CoinMetrics Community API — updated daily, free, no login required. Normalizes the gap between market cap and realized cap by historical volatility to identify cycle extremes.

1.3195Early Bull / Accumulation

Z-Score is normalised low — the gap between market cap and realized cap is historically modest. Typical of early bull phases.

Updated daily · CoinMetrics Community API · Sun, 23 Aug 2026 16:13:17 UTC

Z-ScoreEarly Bull / Accumulation
1.32
Latest daily print
All-Time High
10.38
Cycle-top territory · 2013-04-09
All-Time Low
-0.57
Capitulation floor · 2015-01-14
Distance to Top Zone
5.68
Z-points below the >7 extreme zone
History Depth
14.1Y
Daily scores since 2012-07-17
MVRV Z-Score — last 1Y
1Y LOW 0.29365 daily scores1Y HIGH 2.71

What is the MVRV Z-Score?

The MVRV Z-Score normalizes the gap between Bitcoin's market cap and its realized cap by the historical standard deviation of market cap over a 2-year rolling window. It is computed as (Market Cap − Realized Cap) ÷ StdDev(Market Cap, 730d).

The Z-Score normalizes MVRV by historical price volatility — removing the 'noise' of Bitcoin's growing absolute price to isolate whether the gap between market and realized value is historically large or small. Values above 7 have coincided with major cycle tops; values below 0 have marked capitulation bottoms.

Market data and on-chain information only — not financial advice. Past on-chain patterns do not guarantee future price outcomes.

Zone Reference

> 7Extreme Overvaluation
5 – 7Late Bull / Caution
2 – 5Bull Market
0 – 2Early Bull / Accumulation
< 0Deep Value / Bottom

Frequently asked questions

What is the Bitcoin MVRV Z-Score?
The MVRV Z-Score measures how far Bitcoin's market value is from its "realized value" (the aggregate cost basis of all coins), normalized by the standard deviation of market value. It highlights when BTC is historically over- or under-valued relative to what holders actually paid. Information, not financial advice.
How is the MVRV Z-Score calculated?
Z-Score = (market cap − realized cap) ÷ standard deviation of market cap, computed from free CoinMetrics Community on-chain data (CapMrktCurUSD and CapRealizedUSD) over a rolling multi-year window. This page recomputes it from public data on a regular cadence.
What do high and low MVRV Z-Score readings mean?
Historically, very high readings have coincided with market tops (price far above aggregate cost basis) and very low or negative readings with deep-value / capitulation zones (price below cost basis). These are descriptions of valuation conditions across past cycles, not a forecast or a buy/sell signal.
Is the MVRV Z-Score financial advice?
No. It is an on-chain valuation indicator provided for informational and educational purposes only, and is not financial advice or a recommendation to buy, sell, or hold any asset.

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Data sourced from the CoinMetrics Community API (free, public). Figures are informational only and do not constitute financial advice. Liquid State · crypto market intelligence.