MVRV stands for market value to realized value. It is the spot price divided by the realized price: what ZEC costs today against what the average coin last cost when it changed hands.
Above 1.0 the average coin is held in profit. Below it the average holder is underwater. The line is the same series drawn as the lower panel of Realized Price — All Pools Combined, published on its own so it can be put beside any other chart.
A ratio has no units, which is exactly what makes it comparable: it can sit next to a price, a count or a percentage without either one having to be rescaled. Built from the same cost-basis walk as every realized chart here, so the numbers reconcile.
It is a floor on turnover rather than a measure of it, because on a shielded chain last changed hands can only mean last crossed a pool boundary.
MVRV stands for market value to realized value. It divides today’s price by the realized price, which is what the average ZEC last cost when it changed hands. Above 1.0× the average coin is worth more than it cost. Below it, the average holder is underwater.
It is a ratio, so it has no units. That is why it has its own page: a price and a transaction count cannot share an axis, but a multiple can sit beside either of them on compare without rescaling anything. The same line is the lower panel of Realized Price, where it sits under the two prices it comes from.
Read it as a floor, not a reading. On a shielded chain the only coin movement that can be priced is a pool crossing. A payment from one Orchard address to another reprices nothing, so the cost basis underneath this ratio is older than the truth — which makes MVRV higher than the truth in a bull market. The direction of the error is known; the size is not.
Nothing here is a threshold. 1.0× is arithmetic, not a signal. The levels Bitcoin analysts quote were fitted to Bitcoin’s history, which is longer, more transparent, and not this asset.