Active Value to Investor Value — a refined version of MVRV that adjusts for active supply and investor behavior. Provides a cleaner signal of market valuation by filtering out dormant and lost coins.
AVIV > 3.0 suggests overheated market conditions. AVIV < 1.0 signals market undervaluation relative to active investors' cost basis.
The ratio of Bitcoin's price to its 200-day moving average. Created by Trace Mayer. A simple but effective measure of whether Bitcoin is overextended or undervalued relative to its longer-term trend.
Network Value to Transaction Price — derived from the NVT ratio, this metric estimates a fair value for Bitcoin based on its on-chain transaction volume, similar to using P/E ratios to value stocks.
The aggregate cost basis of all Bitcoin in circulation, calculated by dividing the Realised Cap by the total supply. Each UTXO is valued at the price it was last moved. This creates an on-chain average purchase price for the entire network.
A composite indicator combining multiple pricing models to identify when Bitcoin has entered an unsustainably euphoric phase. Triggers when multiple independent models simultaneously signal overvaluation.