NVT Ratio (Market Cap to Transaction Value)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
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.
How to read it
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.
- Frequency
- Daily (UTC 00:00)
- Asset
- BTC
- Category
- On-chain Indicators
- Type
- Single value
- Data since
- 2009-01-12
- Latest data
- 2026-10-27
- Data points
- 6,247
FAQ
Why is NVT compared to a P/E ratio?
A P/E ratio divides price by earnings to show what the market pays per unit of profit. NVT treats the USD value moved on-chain as the network's output and divides market cap by it, showing valuation relative to actual usage.
How does the NVT Ratio differ from the NVT Signal?
The NVT Signal divides market cap by the 90-day average of on-chain transfer value. That filters out spikes from large one-off transfers and gives a smoother trend line, while the NVT Ratio reacts more to daily changes.
Why shouldn't NVT levels be compared across years?
More trading now settles on exchange ledgers, second layers and custodial products that leave no on-chain transfer, which shrinks the denominator. This structural shift lifts the ratio over time without necessarily meaning Bitcoin got more expensive.
