Market-Value-to-Realized-Value (MVRV) Bands


October 12th, 2021

Realized Value

On September 23, 2018, at the Baltic Honeybadger conference in Riga, Latvia, Nic Carter presented the concept of realized value (originally “realized cap,” but both terms are since then used interchangeably) that he had developed in collaboration with Antoine Le Calvez. By leveraging the Bitcoin timechain, which holds a public record of all Bitcoin transactions that were ever made, realized value looks to quantify the total United States dollar (USD) value of all bitcoin that existed at the last time those coins were moved on-chain. Figure 1 displays this realized value (blue) alongside the total bitcoin market value (black), which is the total market value of all bitcoin that exist at any point in time.



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