Cointime_NVT
Tech spec
| Field | Value |
|---|---|
| API name (slug) | cointime_nvt |
| Group | cointime statistics |
| Unit / Valuetype | ratio / other |
| Shape | scalar |
| Resolutions | block, h1, h4, h8, h12, d1 |
| Endpoints | /v2/cointime_statistics |
| Tier | 0 |
| Last updated | 2025-08-25 18:30 UTC |
| Docs | Open in Swagger |
Brief Description: Ratio of Bitcoin’s Active Supply market value to the 90-day average of coinblock value destroyed.
Cointime_NVT, or NVT Ratio, measures the market value of Bitcoin's Active Supply (Active Cap) relative to the 90-day moving average of coinblock value destroyed (CBD). It is an adaptation of the traditional NVT Ratio, refined to account for Bitcoin’s blockchain dynamics. It is based on the Cointime Economic framework.
Interpretation Cointime_NVT serves as an indicator of the Bitcoin network's valuation in relation to its transactional activity. High values of this ratio suggest that the network's valuation is large compared to the extent of coinblock value destruction (indicating potentially overvalued conditions), while low values imply a smaller valuation relative to coinblock destruction (potentially undervalued conditions).
Advanced Explanation The calculation of Cointime_NVT involves dividing the market value of Bitcoin's Active Supply by the 90-day moving average of the coinblock value destroyed. This approach allows for a time-and-volume weighted assessment of Bitcoin's economic activity, providing a more nuanced view compared to traditional NVT calculations.
Cointime_NVT = (Price * Active Supply) / SMA_90_day[Price * CBD]
Cointime Economics is a new framework for Bitcoin onchain analysis published by James Check and David Puell. References: https://ark-invest.com/white-papers/cointime-economics/ and https://insights.glassnode.com/introducing-cointime-economics/