NVT Ratio (raw)
Compares Bitcoin's total valuation with the value it moves on-chain that same day — a rough "P/E ratio", the same idea used to compare a stock's price against its earnings.
Why it matters
High = the network is valued richly relative to the economic activity it moves; low = cheap relative to usage. The raw daily figure is noisy — for a usable overbought/oversold reading, see NVT Signal below.
Build it yourself
The more value the network moves per dollar of market cap, the "cheaper" it looks relative to its usage.
NVT = Market cap ÷ daily transfer value
NVT (raw)
Illustrative example numbers for practice — not real data.
How it's calculated, step by step
- Daily BTC transfer value is accumulated block by block from the node's own data (sum of every output's value, see
transfer_volume_daily) — it isn't a Coin Metrics field, since their change-adjusted version isn't in the free tier. - Daily USD transfer value = that BTC volume × the day's price.
- NVT = market cap ÷ daily USD transfer value.
Descriptive.
A raw daily figure, deliberately noisy day to day — the version useful as a signal is NVT Signal.
Chart
This is real Bitcoin data, computed from the blockchain — not the illustrative example above.
Data last updated on 2026-09-09.