MVRV, NVT, SOPR and NUPLMVRV
On-chain valuation ratios: MVRV divides market cap by realised cap; NVT divides network value by on-chain transaction volume; SOPR compares the value of coins when spent with their value when last moved (above 1 means sold at a profit); NUPL estimates holders’ total unrealised profit or loss. Readings are interpretive, not signals on their own.
MVRV, NVT, SOPR and NUPL turn blockchain data into valuation gauges. They compare market value with what holders paid, or with how much the network moves. They can flag stretched or washed-out markets, but they are context, not timing tools.
- Category
- Cryptocurrency and Blockchain
- Reading time
- 4 min
- Also called
- On-chain valuation metrics, MVRV ratio, NVT ratio
- Updated
The four ratios in plain words
MVRV divides bitcoin's market value by its realised value.1
NVT is designed along the lines of a company's price-to-earnings ratio.2
SOPR hints at whether coins being sold are, on average, sold at a profit or a loss.1 NUPL takes the gap between market cap and realised cap as a share of market cap.
How to read the ratios
Get market cap
Price times circulating supply.
Get realised cap
Each coin valued at the price it last moved on-chain.
Compute MVRV
Divide market capitalization by realized capitalization.1
Compute NVT
Market capitalization (USD) / Total transaction volume (USD).2
Compute SOPR and NUPL
SOPR is sale value over cost of spent coins; NUPL is (market cap − realised cap) ÷ market cap.
Use as context
Treat them as rough guides; they can't predict market moves with any real precision.2
Worked examples
Example 1 — MVRV
MVRV 2.0A hypothetical coin has a market cap of $900B and a realised cap of $450B.
| MVRV | 900 ÷ 450 = 2.0 |
In the past, a high market-to-realised value ratio has tended to come near local tops, and a low one near local bottoms.1
Example 2 — NUPL
NUPL 0.5Same hypothetical coin: market cap $900B, realised cap $450B.
| Unrealised gain | 900 − 450 = $450B |
| NUPL | 450 ÷ 900 = 0.5 |
Half of the market value is unrealised profit — the same idea MVRV captures by showing how much supply sits in profit versus at a loss.2
Example 3 — SOPR below 1
SOPR 0.9Hypothetical coins bought for $10M in total are sold on-chain today for $9M.
| SOPR | 9 ÷ 10 = 0.9 |
| Realised loss | $10M − $9M = $1M |
A reading below 1 means coins are, on average, being sold at a loss.1
What each ratio compares
| Aspect | Inputs | What a high reading suggests |
|---|---|---|
| MVRV | Market cap ÷ realised cap | Holders sitting on large gains |
| NVT | Market cap ÷ on-chain volume | Value high versus network use |
| SOPR | Sale value ÷ cost of spent coins | Coins sold at a profit |
| NUPL | (Market cap − realised cap) ÷ market cap | Large share of paper profit |
How traders use them
Cycle context
Spot stretched Bull Market phases.
Capitulation checks
Low readings often appear late in a Bear Market.
Mean reversion ideas
Extremes can support Mean Reversion views.
Fundamental overlay
Add on-chain context to Fundamental Analysis.
Advantages and disadvantages
Advantages
- Use public blockchain data.
- Show holder profit and loss at a glance.
- Help frame long-term cycles.
Disadvantages
- Poor short-term timing tools.
- Providers calculate them differently.
- Exchange and layer 2 activity is missed.
- Past thresholds may not repeat.
Going deeper
Read as far as you need. Each level builds on the one before it.
Price versus cost
Beginner
MVRV compares what coins are worth now with what holders paid: it divides bitcoin's market capitalization by its realized capitalization.1
Holder behaviour
Intermediate
SOPR only counts coins that actually move, showing whether sellers are booking profits or losses.1
Data caveats
Advanced
Data providers calculate these metrics in different ways, so stick to one source when comparing readings.2
Common mistakes
Trading on one reading
These ratios are slow and broad.
Mixing data sources
Methods differ by provider.
Treating thresholds as rules
Old levels can fail in new cycles.
Ignoring off-chain volume
NVT misses exchange trading.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- MVRV is market cap over realised cap.
- NVT is market cap over on-chain volume.
- SOPR shows profit or loss on spent coins.
- NUPL is paper profit as a share of market cap.
- All are context, not precise timing tools.
Frequently asked questions
What MVRV level is high?
Do these work for altcoins?
Is NUPL the same as MVRV?
Further learning
- Market Capitalisation
The top half of MVRV and NVT.
- Price-to-Earnings Ratio
The idea behind NVT.
- Realized and Unrealized P&L
Basis for SOPR and NUPL.
- Mean Reversion
Using extremes.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- Coin Metrics. The Coin Metrics Bitcoin On-Chain Indicators Primer (opens in a new tab) Checked .
- Galaxy Digital Research. Introduction to On-Chain Analysis (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.