MVRV Z-Score
The MVRV Z-Score normalises the difference between market cap and realised cap by standard deviation. Awe & Wonder developed it โ 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 โ Realized Cap) รท 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 โ try them in the backtest engine or read up on the methodology.
The textbook RSI strategy โ buy when oversold (RSI < 30), sell when overbought (RSI > 70). Best in sideways markets.
Open strategy โThe benchmark for everything else โ buy on day one, hold forever. The reference every strategy is measured against.
Open strategy โMore Bitcoin indicators
Is crypto-internal liquidity expanding or contracting? Stablecoin supply, spot-ETF flows and realized-cap change as 30-day impulses on one percentile scale โ with breadth, dispersion and a declared composition. A state, not a signal.
BTC price coloured by MVRV Z-Score regime โ 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.