NVT Ratio (Market Cap to Transaction Value)

Τι μετρά

The NVT Ratio (Network Value to Transactions) divides Bitcoin's market cap by the USD value of coins transferred on-chain that day. Much like a P/E ratio, it treats on-chain settlement as the network's earnings and shows how much valuation each dollar of usage supports.

Πώς διαβάζεται

A rising NVT means market cap is growing faster than on-chain transfer value, so valuation is stretched relative to usage; a falling NVT means active settlement backs the valuation. It climbs when price rallies without matching volume and drops on days of large transfers. Daily volume is noisy, so a moving average or the NVT Signal reads steadier.

A growing share of activity settles off-chain, inside exchanges, on the Lightning Network and in custodial products, which lifts the ratio structurally. Volume also includes non-economic moves such as wallet reshuffles within one entity, which push it down. With almost no early volume, readings once reached tens of millions, hence the default log scale.