# Glassnode学习-参数2-MVRV

**Published by:** [AAAAA](https://paragraph.com/@aengine/)
**Published on:** 2022-04-04
**URL:** https://paragraph.com/@aengine/glassnode-2-mvrv

## Content

MVRV Glassnode MVRV (market-value-to-realized-value) is a ratio of an asset's Market Capitalization versus its Realized Capitalization. By comparing these two metrics, MVRV can be used to get a sense of when price is above or below "fair value", and to assess market profitability. Extreme deviations between market value and realized value can be used to identify market tops and bottoms as they reflect periods of extremes investor unrealized profit and loss, respectively. https://academy.glassnode.com/market/mvrv/mvrv-ratio MVRV Ratio signals leave very little room for ambiguity. These signal are as follows: High MVRV Values Price has diverged from cost basis by a very large margin, suggesting large unrealized profitability across the market. Increases likelihood that investors will begin distributing coins, adding to the liquid supply that must be absorbed by demand. Extreme values (historically > 3.5) are bearish signals, indicative of potential cycle tops. Low MVRV Values Price has fallen below the aggregate cost basis by a large margin, suggesting investors are holding low unrealized profits, and/or large unrealized losses. Increases likelihood that investors will, or have capitulated, and suggests that the asset is historically undervalued. MVRV trading < 1 has historically signalled bear market bottoms, and smart money accumulation are in play. MVRV-Z Score https://academy.glassnode.com/market/mvrv/mvrv-z-score The MVRV-Z Score is used to assess when an asset is overvalued or undervalued relative to its "fair value", as underlined by the deviation between its market cap and realized cap. When market value is significantly higher than realized value, it has historically indicated a market top (red zone), while the opposite has indicated market bottoms (green zone). LTH-MVRV Long Term Holder MVRV (LTH-MVRV) is MVRV that takes into account only UTXOs as old as or older than 155 days and serves as an indicator to assess the behaviour of long-term investors. STH-MVRV Indicator Overview Short Term Holder MVRV (STH-MVRV) is MVRV that takes into account only UTXOs younger than 155 days and serves as an indicator to assess the behaviour of short-term investors.

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