# Bitcoin Realized Price and MVRV Ratio

> Bitcoin realized price, realized cap and the MVRV ratio, with short-term and long-term holder cost basis, computed from the price at which each coin last moved.

Markdown copy of https://voltfincrypto.com/apps/bitcoin-realized-price-mvrv

**Question:** What is Bitcoin's realized price, and how far is the market above or below it?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Bitcoin](https://voltfincrypto.com/topics/bitcoin)
- Chains: Bitcoin
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Bitcoin's realized price is the average price at which every coin in existence last moved on-chain, and this dashboard sets it beside the market price, so the MVRV ratio shows how far the market sits above or below that aggregate cost basis. It does the same for short-term and long-term holders, split at a coin age of 155 days.

The method uses the chain's own record of when each output was created and values each coin at a reference price for that day. The ages are on-chain; the prices are not, so every figure names the price source behind it. Realized price describes past cost, not a target: the dashboard shows where the market stands against it, not where it will go.

## Blueprint

### Now

Realized price, MVRV and holder cost bases on the latest day.

- **Realized price** (USD): Realized cap divided by circulating supply at the latest day's last block.
- **MVRV ratio** (ratio): Market cap divided by realized cap on the same day.
- **Short-term holder realized price** (USD): The realized price of outputs younger than 155 days at the same block.
- **Long-term holder realized price** (USD): The realized price of outputs older than 155 days at the same block.
- **Price against realized prices** (USD): The reference price against the realized price and the short-term and long-term realized prices, by day over the selected period.

### History

Market price against realized prices over the years.

- **Realized cap** (USD): Realized cap on the latest day: every unspent output valued at the price of the day it was created.
- **MVRV Z-score**: The gap between market cap and realized cap divided by the standard deviation of market cap over the stated history window.
- **MVRV over time** (ratio): MVRV by day over the selected period, with a line at one where market and realized value meet.
- **Realized cap by holder group** (USD): Realized cap by day over the selected period, split into the short-term and long-term holder parts.

Filters: Period (Last year, last four years or since 2011).

## How it will be measured

- Realized cap sums, over every unspent output at the day's last block, the output's value times the daily reference price of the day it was created.
- Realized price is realized cap divided by circulating supply; MVRV is market cap, that is supply times the day's reference price, divided by realized cap.
- Short-term and long-term cost bases repeat the calculation for outputs younger and older than 155 days.
- The reference price is the Chainlink BTC/USD feed on Ethereum where it has history, and before that a dated off-chain daily price series recorded with its source; each figure names which it used.
- Every figure is pinned to the day-end block of the UTXO set it was computed from, with its hash.

## Data it needs

- `bitcoin_supply_daily` (to build): Bitcoin issued, supply by coin age band and by output script type (including coins whose public keys are already exposed), supply last moved long ago, and cost-basis measures.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- `market_caps_daily` (to build): Market capitalization of major assets as circulating supply times a reference price, and each asset's share of the total, per day.
- Source: The UTXO set at each day's last block, with each output's creation height and value
- Source: Chainlink BTC/USD latestRoundData on Ethereum at day-end blocks
- Source: A dated daily BTC/USD reference series for the years before the oracle, recorded with its source
- Source: Block timestamps, to place each output's creation on a UTC day

## Questions

### What is Bitcoin's realized price?

The average price at which all bitcoin last moved: each coin is valued at the price on the day it last changed hands on-chain, and the total is divided by supply. It approximates the market's aggregate cost basis, although coins moved between one owner's wallets also reset to that day's price.

### What is MVRV?

Market value to realized value: market cap divided by realized cap. Above one, the market values bitcoin above the price at which its coins last moved, on aggregate; below one, the coins are worth less than that. The ratio is descriptive, and the dashboard shows its history without thresholds or calls.

### What is the short-term holder realized price?

The average price at which coins that moved within the last 155 days last moved. It approximates the cost basis of recent buyers, so the market trading below it means recent coins are, on average, held at a loss.

### Is realized price on-chain data?

Half of it is. The age of every coin comes from the chain, but the price on each day does not, because Bitcoin has no native price. The dashboard uses an on-chain oracle price where one exists and a dated off-chain series before that, and names the source of every figure.

### What is the MVRV Z-score?

A variant that divides the gap between market cap and realized cap by the standard deviation of market cap over its history, to compare today's gap with past ones. The dashboard shows it beside the plain ratio and states the history window it uses.

## Glossary

- **Realized cap**: The sum of every unspent output's value at the price of the day it was created. It values each coin at its last-moved price, not today's.
- **Cost basis**: The price at which a holder acquired a coin. On-chain, it is approximated by the price on the day the coin last moved.
- **MVRV**: Market value divided by realized value. It compares what bitcoin is worth now with what its coins were worth when they last moved.

## Related apps

- [Bitcoin Long-Term Holders and Short-Term Holder Supply](https://voltfincrypto.com/apps/bitcoin-long-term-short-term-holder-supply)
- [Dormant Bitcoin Wallets Waking Up](https://voltfincrypto.com/apps/dormant-bitcoin-wallets)
- [Bitcoin Dominance: BTC Share of Crypto Market Cap](https://voltfincrypto.com/apps/bitcoin-dominance)
- [Crypto Fear and Greed Index Today and History](https://voltfincrypto.com/apps/crypto-fear-and-greed-index)
- [Bitcoin Halving Countdown and Block Reward](https://voltfincrypto.com/apps/bitcoin-halving-countdown)
- [Bitcoin Transaction Fees and Mempool Tracker](https://voltfincrypto.com/apps/bitcoin-fees-mempool-tracker)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F