MVRV Z-Score is an on-chain metric that is defined as the ratio between the difference of market cap and realized cap, and the standard deviation of market cap. Further, realized cap is a variation of market cap that uses the price at which tokens were last moved, instead of current market price.
More recently, the metric began trending below zero since June 10th of this year, reaching a low of -0.587 on June 18th. The metric has been trending upward this week, almost rising up to zero on July 24th.
