This variant measures how far the current MVRV Ratio stands from its own historical mean. It is a deviation score on the ratio itself, so the question is not whether Bitcoin is above or below aggregate cost basis, but whether that valuation multiple is unusually rich or unusually compressed versus its own history.
A higher reading means MVRV is running above its long-run norm, while a lower reading means the ratio has compressed below it. The series is useful with raw MVRV and Realized Price when the analyst wants regime distance and cross-cycle comparability rather than the absolute size of the market-minus-realized spread.
The key caveat is that this is not the classic MVRV Z-Score. It standardizes the ratio, not the Market Cap minus Realized Cap spread. That difference is methodological, not cosmetic: thresholds, persistence, and cycle comparisons will diverge from the market-cap-standardized version.
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