BTC NVT Ratio: 199.44
Compares what the whole bitcoin market is worth against how much value actually moves across the network each day — a rough price-versus-usage ratio, like the price-to-earnings ratio people use for company shares.
The total market value of all bitcoin divided by the dollar value of coins moved on the blockchain that day. It answers: how many days of network usage is today's price worth?
A high reading means the price has run ahead of how much the network is being used; a low reading means usage is keeping up with the price. For example, at 120 the whole market is priced at roughly 120 days' worth of the value that crosses the network daily — well **above** its own typical range of about 50 to 80, so the price is rich compared with usage.
Judge it against its own past highs and lows, not a fixed number, because the usual range has drifted over the years.
In words: total market value divided by the dollar value moved across the blockchain that day. The smoothed version divides by a 90-day average of that daily value instead, which flattens one-off busy days [market cap ÷ 90-day average daily transfer value].
The dollar value moved is blockchain.info's estimate rather than an exact count, and it misses everything that happens inside exchanges without touching the blockchain. The 90-day average deliberately hides short spikes, so it will always react late.
Own compute from public blockchain.info aggregates (market cap and estimated on-chain USD transaction volume), ingested hourly; BTC price from our warehouse. No third-party on-chain vendor.
Own compute · blockchain.info public stats · full history