MVRV is a specific Trading coordinate in the Bitcoin knowledge graph. In practical terms, it identifies the subject described here: The ratio of market capitalization to realized capitalization, comparing market value with an on-chain cost-basis proxy. This definition is narrower than promotional usage and should be read together with the implementation, date and evidence attached to the entry.
MVRV is best understood as part of a system rather than as an isolated definition. Its related coordinates show the mechanisms, incentives and historical records that give the term practical meaning.
MVRV describes how participants value, trade or obtain exposure to bitcoin. Market behavior can affect adoption and mining economics, but it does not rewrite consensus rules. Price evidence and protocol evidence answer different questions.
Understanding MVRV helps distinguish a verifiable Bitcoin mechanism or historical record from slogans, products and market narratives.
Primary or authoritative records make these details checkable: MVRV divides market capitalization by realized capitalization, where each coin's realized value uses the price at its last recorded on-chain movement under a provider's entity and data methodology. They should be verified before using the coordinate in analysis.
The practical limit is: realized cap is not aggregate cost basis or cash invested, and dormant, lost, internal exchange and self-transfer coins distort interpretation; historical bands are not causal valuation limits. A definition, office, chart pattern or published claim is not by itself a prediction or Bitcoin consensus rule.
For the clearest picture, read this entry together with Market capitalization, Realized capitalization, On-chain analysis, NUPL, Bitcoin. The reverse links also lead from Market capitalization, On-chain analysis, Realized capitalization, Realized price.