Epoch MVRV Comparison
MVRV ratio overlaid for each halving era - five lines that let you compare valuation regimes between cycles. Each era's MVRV reflects only the supply minted under that block subsidy schedule.
What is it?
This metric computes the MVRV ratio (Market Cap / Realized Cap) restricted to the cohort of UTXOs mined during each halving era. Five lines appear (Era 50 BTC, 25 BTC, 12.5 BTC, 6.25 BTC, 3.125 BTC), each treating only the coins issued under its block subsidy. This allows comparison of valuation regimes across cohorts: a mature era (old UTXOs with very low cost basis) will structurally show a higher MVRV than the active era (recent UTXOs with cost basis close to current price).
How to read
The Y axis shows the MVRV ratio (1 = fair value). Each era is a distinct color. The MVRV = 1 line marks the boundary between aggregate profit and loss. Gaps between lines reveal cohort heterogeneity: older eras (Era 50, 25 BTC) remain above 1 even at bear market lows thanks to their very low cost basis, while recent eras (3.125 BTC) can briefly dip below 1 at troughs.
Key zones
A convergence of all five lines into a tight band historically coincides with major inflection points (capitulation or euphoria). Maximum dispersion (old cohorts very high, recent cohorts low) characterises transition phases where UTXO generations behave oppositely. The MVRV ∈ [0.8, 1.2] zone is a relative equilibrium corridor.
What to observe
Track the active era's cohort (the most recent): its descent toward MVRV = 1 indicates new entrants are near aggregate break-even, a typical late-bear-market transition. Conversely, a sharp upturn of all eras toward very high zones (>3) marks historical euphoria phases. A crossover between two adjacent eras can indicate capital rotation between generations.
Historical context
The original MVRV (Murad Mahmudov, David Puell, 2018) treats supply as a single aggregate. Decomposition by halving era extends this analysis by isolating generation-by-generation behavior, revealing dynamics masked by the aggregate ratio. The first works exploiting this segmentation appear in post-halving 2020 analyses when three complete cycles became available for robust comparison.
Expert notes
The per-era MVRVs exposed here are deterministic per-cohort aggregates computed from the Bitcoin full node (market cap / realized cap restricted to UTXOs filtered by issuance block height). The B11 SOP §1.2 exception (native cohorts) applies: each era exposes a non-ambiguous ratio, and Trinity's TAE chain step 6 RECOMPUTE_C catches any drift. Audit tolerance for these series is 1.5%.
Common mistakes to avoid
This metric compares MVRV per halving era ; it is different from Reward Era Compare (`reward-era-compare`) which compares annualized return per era. Do not sum the five lines' MVRVs : they are not additive values but independent per-cohort ratios. Aggregate Global MVRV (`mvrv-classic`) remains the overall reference - per-era MVRVs are analytical decompositions, not sub-totals.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/epoch-mvrv-comparison/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "epoch-mvrv-comparison",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.