Bitcoin Market-Value-to-Realized-Value (MVRV) Ratio

Introducing realized cap to BTC market cycle analysis

David Puell
Oct 1, 2018 · 6 min read

The Logic Behind Realized Value

MVRV Ratio

Market Dichotomy?

Current Environment

Some Caveats

Acknowledgements

Sources and Data

Adaptive Capital

Adaptive Capital is a cryptocurrency hedge fund with a focus on on-chain analytics.

David Puell

Written by

Head of Research @ Adaptive Capital

Adaptive Capital

Adaptive Capital is a cryptocurrency hedge fund with a focus on on-chain analytics.