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Bitcoin NVT Signal

Live NVT Signal from the CoinMetrics Community API — updated daily, free, no login required. A mean-reverting on-chain valuation signal: how does today's network transaction activity compare to its own 90-day baseline?

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365-day NVT Signal history
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Zone reference

> 1.5OverboughtNetwork Overvalued vs. Activity
1.2 – 1.5ElevatedWatch for Slowdown
0.8 – 1.2Fair ValueActivity in line with baseline
< 0.8UndervaluedStrong Network Activity

What is NVT Signal?

NVT Signal (Network Value to Transactions Signal) was developed by on-chain analyst Willy Woo as a more actionable variant of the raw NVT Ratio. Instead of comparing network value to current transaction volume directly, NVT Signal normalises by the metric's own 90-day moving average — producing a dimensionless, mean-reverting ratio. A signal above 1.0 means the network is processing less transaction value than its recent baseline; a signal below 1.0 means activity is running above the baseline relative to market cap.

Values consistently above 1.5 have historically coincided with periods where market valuation outpaced on-chain activity — a pattern that preceded drawdowns in prior cycles. Values below 0.8 reflect elevated transaction activity relative to the 90-day baseline, which has historically appeared during accumulation and early bull phases.

Market data and on-chain information only — not financial advice. Past on-chain patterns do not guarantee future price outcomes. Data: NVTAdj from CoinMetrics Community API (transfer-value-adjusted NVT, free, no login).

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Data sourced from the CoinMetrics Community API (free, public). Figures are informational only and do not constitute financial advice. The Vault · crypto market intelligence.