MVRV Z-Score
Valuation· DE: MVRV-Z-Score
How far market cap deviates from realized cap in standard deviations — the canonical on-chain over/undervaluation gauge. Deep-negative = capitulation value, high-positive = euphoric overvaluation.
Calculation
(market cap − realized cap) / stddev(market cap). Bands: <0 deep accumulation, 0–1 accumulation, 1–2 neutral, 2–4 caution, 4–6 distribution, >6 euphoria (mvrvRegime.ts).
Unit & source
z_score · tradingstrategies.work Smart-Money / MVRV methodology
Related terms
Definitions are for research and education. Metrics describe market conditions — not financial advice or a buy/sell signal.