L2 · Cycle Position
MVRV
Market cap / realized cap = average paper-profit multiple of all coins.
Source：CoinMetricsLevel：core
Current reading · as of 2026-10-01
1.58
Fairlevel 1.58
Zones: rules and how often each occurred
| Zone | Rule | Share of history in this zone |
|---|---|---|
| Undervalued · bottom zone | < 1.00 | 13.1% |
| Low | 1.00 ~ 1.50 | 25.4% |
| Fair ◀ now | 1.50 ~ 2.40 | 42.0% |
| Warm | 2.40 ~ 3.20 | 11.5% |
| Overheated · top zone | ≥ 3.20 | 8.0% |
Normal range
Current
1.58
Percentile 42
Normal range (p10–p90)
0.92 ~ 2.99
80% of history
Typical (p25–p75)
1.28 ~ 2.23
median 1.72
Extremes
0.39 ~ 146.04
2010-07-18 – 2026-10-01, 5920 daily observations
p5 0.83median 1.72p95 3.65
Window: 2010-07-18 – 2026-10-01, 5920 daily observations. L1 macro gauges use post-2018 data only (macro had no explanatory power over BTC in 2010–2017); on-chain cycle gauges use full history. Percentiles describe position in history — not trade signals.
Judged series · full history level · dashed = zone boundaries; blue band = normal range (light p10–p90, dark p25–p75)
For reference: BTC price (log) same time axis, linked hover
Rules and evidence grades: Methodology; rule changes are logged in Corrections.