The MVRV Ratio compares spot price to realized price, measuring average unrealized profit levels for each asset. Values above 1 indicate average unrealized profits, while values below 1 show unrealized losses.
Since January 2023, Bitcoin and Ethereum show significant divergence in this metric. Bitcoin investors have consistently maintained higher unrealized gains than Ethereum holders, with Ethereum's MVRV Ratio dropping below 1.0 in March - indicating the average ETH holder is now underwater on their investment.