Crypto
Bitcoin MVRV Ratio Turns Positive, Echoing Past Bull Markets
The Glassnode chart shows that Bitcoin's MVRV (Market Value to Realized Value) ratio has turned positive, echoing the patterns seen in 2019 and 2023. The chart tracks the ratio of Bitcoin's price to its realized value over a one-year period, with a moving average of 365 days.
According to Glassnode, the MVRV momentum oscillator is calculated by dividing the MVRV ratio by its one-year moving average minus one. A reading above zero indicates that MVRV is trading above its annual trend.
The chart shows three key periods: 2019, 2023, and the current situation in 2026. In each case, MVRV momentum was below its annual mean before recovering and crossing back above it.