The Realised Cap is the aggregate USD value of all UNSPENT UTXOs, priced at the time they were last transacted. Due to the constant flow of DCR on-chain in Proof-of-Stake tickets, the Decred Realised Cap tends to follow the Market Cap more closely than its Bitcoin equivalent. Realised value is 'attracted' to the spot price during periods of high transaction demand as more DCR gets 'repriced'. This metric tends to create a psychological level of support in bull markets and resistance in bear markets, representing the last time the aggregate market 'interacted' with their coins.
The MVRV Ratio measures the relative distance between the market cap and the realised cap. For Decred, this behaves as an oscillator and is ideal identifying periods of extreme under/overvaluation (tops and bottoms) and for support/resistance signals. An MVRV ratio of 1.0 indicates price is at psychological support in bull markets and, conversely, a resistance in bear markets.
Data Source: Coinmetrics.io
Research by CoinMetrics on the Realised Cap
Research by David Puell on Bitcoin MVRV Ratio