Select threshold: total
STH<1m STH<2m STH<3m STH<4m STH<5m STH<6m STH<1y STH<2y STH<4y
LTH>1m LTH>2m LTH>3m LTH>4m LTH>5m LTH>6m LTH>1y LTH>2y LTH>4y
BTC scale: Linear Log Halvings markers: Toggle

Title: Market cap, realized cap, and MVRV (Market Value to Realized Value ratio) for the entire history or segmented by nine classes of short-term and long-term holders (STHs and LTHs).

Market cap: Market Cap refers to the total value of all Bitcoins in circulation at the current market price. Market cap = quantity of coins * current price.

Realized cap: Realized Cap considers the value of each Bitcoin based on the last time it was moved, rather than the current market price. It can be thought of as the amount of USD capital that has entered Bitcoin or been destroyed by Bitcoin. Realized Cap = ∑ (Price at Last Move × Quantity of Coins Moved).

MVRV (Market Value to Realized Value Ratio): The MVRV (Market Value to Realized Value ratio) is a metric that compares Bitcoin's market cap (quantity of coins times the current price) to its realized cap (quantity of coins times the realized price). It is interpreted as the average profit or loss ratio experienced by holders at any given moment in time. For example, if the MVRV is equal to 2, it means the average holder has a 100% profit in USD, i.e., a twofold increase in USD value.

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" represents the group of outputs/coins that have been purchased within the last five months. The metrics adjust to represent only that cohort. In contrast, "LTH>1y" represents all the outputs/coins that have not moved for a period longer 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.