MVRV Z-Score
The MVRV Z-Score normalises the difference between market cap and realised cap by standard deviation. Awe & Wonder developed it β Z-Score above 5 historically marks cycle tops (4/5 hits, only 2017 reached above 7), Z-Score < 0 every bottom with remarkable robustness across all past cycles.
- Formula:
- (Market Cap β Realized Cap) Γ· StDev(Market Cap)
- Originator:
- Awe & Wonder, Glassnode/LookIntoBitcoin
- Data source:
- BRK (echte Marktdaten ab 2010-09-26, Z-Score full-history static) + bgeometrics-Inkrement seit April 2022. Vollbackfill 2026-05-28, Pre-Market-Cleanup 2026-05-28.
Strategies to backtest
Thematically related strategies from our library β try them in the backtest engine or read up on the methodology.
The textbook RSI strategy β buy when oversold (RSI < 30), sell when overbought (RSI > 70). Best in sideways markets.
Open strategy βThe benchmark for everything else β buy on day one, hold forever. The reference every strategy is measured against.
Open strategy βMore Bitcoin indicators
BTC price coloured by MVRV Z-Score regime β from deep accumulation (green) to euphoria (red). Makes valuation phases visible over time.
Aggregated unrealised profit of all coins, five phase bands from capitulation to euphoria. Measures on-chain market sentiment.
Ratio between sale price and original cost of all moved coins. Below 1 = sellers at a loss = often a bottom signal. Tabs for STH and LTH.