> For the complete documentation index, see [llms.txt](https://glossary.bshare.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://glossary.bshare.io/metrics/mvrv-bilmvrv-ratio/mvrvzfen-shu-mvrv-zscore.md).

# MVRV Z分數｜MVRV Z-score

## 指標概念

MVRV-Z 分數用於評估資產相對於其“公道價格”何時被高估或低估，就像是MVRV所強調的那樣。 當市場價值顯著高於實現價值時，它在歷史上表明市場頂部（紅色區域），而相反表明市場底部（綠色區域），我們可以在MVRV－Z分數這個指標中，很好地找到市場頂部和底部。

![圖片來源：glassnode](https://lh5.googleusercontent.com/UI_hTmA5UHUdoedR4kS6Tj6XOBFXUoHgKNBxmIMIxU_ivRrQ3JN06lUYBQ23XG_VQXt1bHROT__SzT6LT1oXj5sqOSJgrjAPljbHqnAzA-uNOD6rA9P2KadUy29ISpnBkCwQ_0H7)

## 指標如何衡量、計算？

**MVRV-Z分數 ＝{(總市場價值（Market Cap）-實現總市值（Realized Cap)}/標準差**

![](/files/PcW4CdELUQmoMvNBWL99)


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