On-chain data source: BGeometrics.com · chart & styling by DurdenBTC.
What This Chart Shows
The MVRV-NUPL Composite folds two classic on-chain valuation gauges into one number. MVRV is market value ÷ realized value; NUPL is the network’s net unrealized profit or loss. Both measure how far price sits above the aggregate cost basis.
- The composite (lower panel, 0–100) ranks each metric against its full history and averages the two percentiles — so the score is directly comparable across cycles.
- Above 80 — overvalued. The market is expensive versus cost basis; the panel shades red on price. Clustered near the 2013, 2017 and 2021 tops.
- Below 20 — undervalued. Bitcoin is cheap versus cost basis; the panel shades green. Clustered near the 2015, 2018–19 and 2022 bottoms.
- Above 90 / below 10 — extreme. The rarest, most stretched readings get their own shading: magenta for extreme overvaluation, blue for extreme undervaluation.
How to Read It
Watch the extremes. In the green (sub-20) zone Bitcoin has historically been cheap relative to what the network paid for its coins — deep-value territory that has lined up with cycle lows. In the red (80+) zone it has been expensive, the condition seen near cycle tops. The middle is a no-man’s-land where the composite carries little edge.
Because MVRV and NUPL are cost-basis metrics, the composite is a slow, cycle-scale gauge. It does not call the exact turn — extremes can persist for weeks — so read it alongside trend and the rest of the on-chain picture.
Drag to pan, scroll or box-zoom to zoom; the toolbar autoscales, resets or downloads the chart. Hover to read price and the composite together.
Frequently Asked Questions
What is the MVRV-NUPL Composite?
A 0–100 blend of MVRV and NUPL, each ranked over its full history as a percentile and averaged. High = expensive versus cost basis (tops); low = cheap (bottoms).
What do 80 and 20 mean?
The overvalued and undervalued thresholds — roughly the top and bottom fifth of the composite’s history. Above 80 has marked tops; below 20 has marked bottoms.
Where does the data come from?
MVRV and NUPL are from BGeometrics.com; price is from our daily feed. The ranking and composite are computed in the browser. Updated daily.