MVRV compares Bitcoin’s market value (price × supply) to its realized value (the price at which every coin last moved — the network’s aggregate cost basis). The Z-Score normalises that gap by its historical volatility. When it stretches above ~6, price has run far beyond what holders paid — every cycle top (2017, 2021, 2025) lived in that zone. When it falls below 0, the market trades under its own cost basis — the capitulation floor of 2015, 2018 and 2022.

The current reading is computed live from the price feed against the realized cap. After the 2025 top pushed the z-score toward the red zone, the 2026 correction has pulled it back toward 1 — historically the neutral-to-accumulation band, nowhere near either extreme.