BTC: MVRV by Time Window
Shown as its 2019–2022 sample; the latest readings and full history are included with Plus.
The MVRV ratio of the bitcoin that moved within each time window, from the last day to the last ten years: the market value of those coins divided by what they cost when they last moved.
Why use it. Recently moved coins carry the newest buyers' gains and losses, and widening the window adds older holders. When even the long windows sit below 1, buyers of every recent vintage are at a loss on average, as near past cycle lows; when the short windows run far above the long ones, recent buyers are sitting on quick gains, as in fast rallies. How to read it. Above 1 the coins that moved within the window are in profit on average, below 1 at a loss. The windows are cumulative: each includes the coins of every shorter one, so the lines converge as the window grows. Short windows swing with the price within days; long ones move slowly.
Calculation. For a window of N days and each day: the day's closing BTC/USD price × the coins with a cost basis whose outputs were created less than N whole UTC days before the day, divided by the sum of each of those coins × the BTC/USD price at the start of its creation day. Sums are exact. A window that ends on an age band's edge (1 day, 7 days, 30 days, 90 days, 180 days, 1 year and longer) equals the sum of MVRV by Age's bands up to that edge. Computed by CryptoKeyhole from its own validated Bitcoin Core node's record of every unspent output by the UTC day it was created, valued at the BTC/USD price at the start of that day (coins created before 18 July 2010 have no cost basis and are left out). BTC/USD prices are the site's admitted daily closes (The Bitcoin Time Machine, CC BY 4.0, until 2 October 2026, then quotes recorded from Alternative.me). Values for closed days are provisional, like their inputs; the open day is a partial at the latest completed hour, recomputed every ten minutes.