AVIV Ratio (Price to Active Investor Price)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
The AVIV Ratio divides BTC spot price by Active Investor Price, also called the True Market Mean. It is a unitless multiple of an activity-adjusted cost basis that removes the miner-issuance component and reduces the influence of inactive supply.
How to read it
Above 1, BTC trades above the modeled cost of active investors; below 1, it trades beneath that cost. The ratio reached about 3.08 in December 2017 and fell to about 0.52 in November 2022, showing the contrast between substantial aggregate profit and deep losses on this basis.
The denominator is an estimate built from coin-age activity, not a survey of investor purchases. Early observations were extreme, with a reading near 68.7 in July 2010; compare mature periods and avoid treating past peaks or the 1 level as fixed turning points.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Data since
- 2010-07-18
- Latest data
- 2026-10-27
- Data points
- 5,946
FAQ
What does an AVIV Ratio of 1 mean?
Spot price equals the estimated average cost of active investors. It marks aggregate breakeven under the model, not breakeven for every holder.
How does AVIV differ from MVRV?
MVRV compares spot price with the average cost of all circulating coins. AVIV uses an active-investor cost model that adjusts for inactive supply and miner issuance, so its levels are not interchangeable with MVRV.
Why can AVIV fall without a drop in BTC price?
The active-investor cost estimate can rise as coins change hands or the activity-weighted supply changes. A larger denominator lowers the ratio even if spot price is unchanged.
