> For the complete documentation index, see [llms.txt](https://docs.blockhorizon.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.blockhorizon.io/chart-tutorials/price-and-valuation/adjusted-mvrv-ratio.md).

# Adjusted MVRV Ratio

Adjusted MVRV removes the realized cap of old age cohorts (measured in days) treated as lost coins, and then recomputes MVRV using only active supply.

$$
\text{MVRV}\_{\text{adj}} = \frac{\text{Market Cap}}{\text{Realized Cap} - \text{Lost Realized Cap}}
$$