The MVRV-Z Score is an indicator that compares the market cap to the realized cap through the following formula: MVRV-Z Score = (market cap – realized cap) / standard deviation (market cap).

The realized cap is derived from Bitcoin transactions on the blockchain, considering the "last moved value" of all bitcoins in the chain. While the MVRV-Z Score generally aligns positively with Bitcoin trends, a swift increase in this score over a brief period indicates a potential risk of bubble burst. Presently, the MVRV-Z Score is gradually ascending from its low point, yet it remains within historical average levels, displaying no clear signs of a bubble burst.