Definition

MVRV

MVRV shows the average profit/loss of all the coins currently in circulation according to the current price.

To understand the MVRV metrics, we have to establish two term. 'MV' as in 'Market Value' simply describes the market cap, which is well known when looking at crypto assets. The second part is the 'RV' which stands for 'Realized Value'.

If we compare the current market capitalization (market value or MV) to the current Realized Value, we can get an estimate how overvalued or undervalued the asset is. The definition will be:

If the MVRV value is 2 this means that if all holders sell their coins/tokens at the current price they will generate a x2 profit on average. So in this sense MVRV is showing the ratio between the current price and the average price of which every coin/token has been acquired. The more this ratio increases, the more people will be willing to sell and take profits.

If the MVRV is between 0 and 1, then the market is “undervalued” on average, meaning most people will be realizing losses if they all sell their holdings.

Keep in mind that this is in the ideal case and does not account for the addresses with lost private keys. The way to adjust for this is to look at the historical values for the MVRV ratio. As the ratio is approaching historical maximums or minimums, then the possibility of a highly overvalued or undervalued market is much higher.

Another way to deal with lost private keys and graveyard addresses is to compute the MVRV ratio only on the subset of tokens that have been active at least once in the several years.

MVRV Long/Short Difference

MVRV Long/Short Difference is defined as mvrv_usd_365d - mvrv_usd_60d

Negative values mean that short-term holders are going to realize higher profits than long-term holders if they sell at price at this moment. Positive values show the opposite.

During strong and long bull runs, this metric tends to grow and during bear markets it is decreasing. The rational is that during strong bull runs, the long term holders are determining when the bull run will end, when they start selling, while during bear markets the long term holders are at loss on average and the short term holders manage to realize profits

Access

Special Restrictions.

Timebound

Timebound Metrics available

Measuring Unit

Ratio

Data Type

Timeseries Data

Frequency

Daily Intervals

Latency

On-Chain Latency

Available Assets

Available for these assets

SanAPI

Example of query for mvrv_usd:

1
2
3
4
5
6
7
8
9
10
11
12
13
{
  getMetric(metric: "mvrv_usd") {
    timeseriesData(
      slug: "santiment"
      from: "2019-01-01T00:00:00Z"
      to: "2019-09-01T00:00:00Z"
      interval: "7d"
    ) {
      datetime
      value
    }
  }
}

Run in explorer

Example of query for time bound MVRV:

1
2
3
4
5
6
7
8
9
10
11
12
13
{
  getMetric(metric: "mvrv_usd_7d") {
    timeseriesData(
      slug: "santiment"
      from: "2019-01-01T00:00:00Z"
      to: "2019-09-01T00:00:00Z"
      interval: "7d"
    ) {
      datetime
      value
    }
  }
}

Run in explorer

Example of query for mvrv long-short difference:

1
2
3
4
5
6
7
8
9
10
11
12
13
{
  getMetric(metric: "mvrv_long_short_diff_usd") {
    timeseriesData(
      slug: "santiment"
      from: "2019-01-01T00:00:00Z"
      to: "2019-09-01T00:00:00Z"
      interval: "7d"
    ) {
      datetime
      value
    }
  }
}

Run in explorer