MVRV Rolling Window Z-Score (Standardization): total/STH/LTH
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Title: MVRV (Market Value to Realized Value Ratio) — Rolling Window Z-Score Standardization
Methodology: We standardize the MVRV data as follows: MVRV_std = (MVRV − mean(MVRV)) / std(MVRV). The mean and standard deviation are calculated using a rolling time window, which the user can adjust using the input box above.
MVRV (Market Value to Realized Value Ratio): The standard MVRV (Market Value to Realized Value Ratio) has the following interpretation: it is a metric that compares Bitcoin's market cap (number of coins multiplied by the current price) to its realized cap (number of coins multiplied by the realized price). It reflects the average profit or loss ratio experienced by holders at any given point in time. For example, if the MVRV is equal to 2, it means the average holder has a 100% profit in USD, that is, a twofold increase in value.
Z-Score: The Z-Score adjusts the metric by its volatility, bringing the series’ mean to zero and its standard deviation to one. The resulting values represent how many standard deviations above (positive) or below (negative) the historical mean a data point is.
STH/LTH Buttons: Use the buttons to select the desired cohort of Bitcoin holders. STH stands for Short-Term Holders, and LTH stands for Long-Term Holders. For example, "STH<5m" refers to outputs/coins that were acquired within the last five months. The metrics will adjust to reflect only that cohort. In contrast, "LTH>1y" refers to outputs/coins that have not moved for more than one year.
Usage: To zoom in, click and drag the mouse. To pan, hold "shift" while dragging the mouse. To reset the zoom, double-click.
Methodology: We standardize the MVRV data as follows: MVRV_std = (MVRV − mean(MVRV)) / std(MVRV). The mean and standard deviation are calculated using a rolling time window, which the user can adjust using the input box above.
MVRV (Market Value to Realized Value Ratio): The standard MVRV (Market Value to Realized Value Ratio) has the following interpretation: it is a metric that compares Bitcoin's market cap (number of coins multiplied by the current price) to its realized cap (number of coins multiplied by the realized price). It reflects the average profit or loss ratio experienced by holders at any given point in time. For example, if the MVRV is equal to 2, it means the average holder has a 100% profit in USD, that is, a twofold increase in value.
Z-Score: The Z-Score adjusts the metric by its volatility, bringing the series’ mean to zero and its standard deviation to one. The resulting values represent how many standard deviations above (positive) or below (negative) the historical mean a data point is.
STH/LTH Buttons: Use the buttons to select the desired cohort of Bitcoin holders. STH stands for Short-Term Holders, and LTH stands for Long-Term Holders. For example, "STH<5m" refers to outputs/coins that were acquired within the last five months. The metrics will adjust to reflect only that cohort. In contrast, "LTH>1y" refers to outputs/coins that have not moved for more than one year.
Usage: To zoom in, click and drag the mouse. To pan, hold "shift" while dragging the mouse. To reset the zoom, double-click.