NVT Signal (Market Cap to 90D Transaction Value)
- 1M1M
- 3M3M
- 6M6M
- 1Y1Y
- ALLALL
- LinearLinear
- LogLog
About this metric
What it measures
NVT Signal divides Bitcoin's current market cap by the trailing 90-day average of daily on-chain transfer value in USD. It is a unitless multiple, using averaged settlement value rather than a single day's volume.
How to read it
Rising values indicate that market cap is gaining on the recent settlement baseline; lower values indicate more transfer value relative to capitalization. The series ranged from about 5.48 to 28.74 in 2022 and 58.88 to 114.7 in 2024, showing why a level needs the context of its own period.
Smoothing the denominator reduces the influence of isolated volume spikes but also delays its response to a new activity regime. This is not a 90-day average of the NVT ratio itself. Wallet reorganizations can affect transfer value, while activity settled off-chain is absent, so old valuation thresholds need caution.
- 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
- 6,498
FAQ
How is NVT Signal calculated?
Divide today's market cap by the average daily USD transfer value over the preceding 90-day window. The denominator is an average, not the sum of 90 days of transfers.
Is NVT Signal the same as a 90-day moving average of NVT?
No. NVT Signal smooths transfer value before dividing current market cap by it. Averaging daily NVT ratios instead would mix different daily market caps and denominators and generally produce a different result.
Why can NVT Signal stay elevated after transfer activity recovers?
The 90-day denominator still includes earlier quiet days, so it takes time to reflect a sustained recovery. Market cap can also change immediately while the settlement average adjusts gradually.
