Cointime MVRV
Onchain· DE: Cointime-MVRV
Market Cap ÷ Investor Cap — a cointime-adjusted MVRV that uses the investor cost basis (Realized Cap − Thermo Cap) instead of raw Realized Cap. Unlike BRK's flat aviv_ratio, it genuinely oscillates: it spikes to ~3–5 at cycle tops and falls below 1 at bottoms (below parity = market values coins under the investor cost basis). Read as a state, NEVER as "below 1 = buy".
Calculation
market_cap ÷ investor_cap, with market_cap = spot × (active_supply + vaulted_supply) — all BRK-native. Shown raw + as an expanding trailing percentile.
Unit & source
ratio · Bitcoin Research Kit (BRK) — Cointime Economics (ARK Invest × Glassnode, 2023)
Related terms
Definitions are for research and education. Metrics describe market conditions — not financial advice or a buy/sell signal.