MVRV Indicator Tracks Bitcoin's On-Chain Value Zones

The MVRV indicator, created by MonkeyPhone on TradingView, plots the average price at which every coin in circulation last moved onchain. This is known as the Realized Price, and it serves as a proxy for what the average holder actually paid.

When MVRV falls under 1, the average holder is sitting at a loss. Historically, this condition has clustered around cycle lows and long accumulation ranges. When MVRV stretches well above 2.5, the market is carrying a large amount of unrealized profit, and historically that has clustered around distribution phases and cycle highs.

The script calculates MVRV itself from two live feeds: Realized Price = Realized Cap / Circulating Supply and MVRV = Price / Realized Price. The zones for buying and selling are drawn in price terms, not as an oscillator, so users can see exactly what dollar level each multiple sits at right now.