市值 ÷ 持有者的总买入成本,看大家整体是赚是亏、币是不是偏贵。Market cap divided by what all holders collectively paid — a read on how much the average holder is up, and whether the price looks rich.
它是链上分析里常用的一把估值尺。数字大于 1,说明持有者整体是赚的,数值越高、价格相对大家的成本就越贵,历史上越接近顶部;小于 1,说明整体在亏,常见于底部附近。MVRV-Z 是它的「标准化」版本——把数值放到全部历史里比较高低,削弱单看绝对值带来的偏差,方便跨不同周期对照。It's a valuation yardstick widely used in on-chain analysis. Above 1, holders are collectively in profit, and the higher it climbs, the more expensive price looks relative to what everyone paid — historically closer to a top. Below 1, the crowd is underwater, often near a bottom. MVRV-Z is its normalized version: it places the value against the full history to judge how high or low it really is, smoothing out the bias of reading the raw number alone and making different cycles easier to compare.