> For the complete documentation index, see [llms.txt](https://docs.glassnode.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.glassnode.com/further-information/metric-guides/mvrv/lth-mvrv.md).

# LTH-MVRV

LTH-MVRV serves as an indicator of fair value, as assessed by the behaviour of long-term investors.

## Indicator Overview

Long Term Holder MVRV (LTH-MVRV) is MVRV that takes into account only UTXOs as old as or older than 155 days and serves as an indicator to assess the behaviour of long-term investors.

<figure><img src="https://2190898932-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-Ldi5WtVBeQ2iFbdqJ1a%2Fuploads%2Fgit-blob-1d79c5778b2dc3d282640a76a4eb3d83dff81acd%2F1.png?alt=media" alt="Bitcoin: LTH-MVRV"><figcaption></figcaption></figure>

* [View LTH-MVRV in Glassnode Studio](https://studio.glassnode.com/metrics?a=BTC\&m=market.MvrvMore155)
* [View LTH-MVRV in Glassnode API Docs](https://docs.glassnode.com/basic-api/endpoints/market#lth-mvrv)

## How is it measured?

LTH-MVRV is calculated by taking the MVRV value only for UTXOs as old as or older than 155 days.

$$
\textrm{LTH-MVRV}=\frac{\textrm{Market Cap}~~{\color{gray}{\textrm{(of all UTXOs where age ≥ 155 days)}}}}{\textrm{Realized Cap}~~{\color{gray}{\textrm{(of all UTXOs where age ≥ 155 days)}}}}
$$

## *About*

### Introduced By

[Glassnode](https://twitter.com/glassnode/)

### Date Introduced

March 2020

## Further Resources

Rafael Schultze-Kraft - [Breaking up On–Chain Metrics for Short and Long Term Investors](https://insights.glassnode.com/sth-lth-sopr-mvrv/)