Entity-Adjusted NVT Ratio
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
Entity-Adjusted NVT divides Bitcoin's market cap by the daily USD value transferred between distinct entities. Addresses attributed to the same holder are grouped together and internal transfers are excluded from the denominator; the result is a unitless multiple.
How to read it
A higher ratio means more market value per dollar settled between holders; a decline means settlement value is increasing relative to capitalization. In this series, the 2021 high was about 197.5 on October 20, while the 2022 low was about 60.3 on June 18. Those readings describe changing valuation relative to activity, rather than universal turning points.
Entity grouping is an estimate and can be revised as address relationships become clearer. Off-chain exchange trading and custodial transfers within one entity are outside this settlement measure. Daily volume can still be uneven, and sparse early activity makes full-history extremes poor benchmarks for recent years.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Data since
- 2009-01-03
- Latest data
- 2026-10-27
- Data points
- 6,498
FAQ
How does Entity-Adjusted NVT differ from the standard NVT Ratio?
Both compare market cap with daily on-chain transfer value. The entity-adjusted version removes identified transfers within the same holder's address cluster, so wallet housekeeping contributes less to its denominator.
Does a high Entity-Adjusted NVT always mean Bitcoin is overvalued?
No. It can reflect weak on-chain settlement, a higher market cap, or activity shifting off-chain. Compare the ratio with its recent range and the underlying transfer trend rather than applying a fixed cutoff.
Why is the Entity-Adjusted NVT chart logarithmic?
Values span a wide range: the series reached about 7,078 in July 2009, when activity was sparse, compared with a full-history median near 90.6. A log scale keeps early extremes from flattening later changes.
