> 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/market-value-to-realized-value-ratio-mvrv.md).

# Market Value to Realized Value Ratio (MVRV)

The MVRV Ratio compares Bitcoin’s market capitalization to its realized capitalization, showing how far the circulating supply is valued above or below its aggregate on-chain cost basis.

$$
\text{MVRV} = \frac{\text{Market Cap}}{\text{Realized Cap}}
$$