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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?

0.95Fair Value

On-chain transaction activity is broadly in line with its 90-day baseline.

Updated daily · CoinMetrics Community API · Thu, 09 Jul 2026 14:33:28 UTC

Current NVTAdj
26.7
90-Day MA
28.1
NVT Signal
0.95
365-day NVT Signal history
0.81.01.21.52025-072025-092025-112026-012026-032026-052026-07
OverboughtElevatedFair ValueUndervalued

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).

Frequently asked questions

What is Bitcoin NVT Signal?
NVT Signal (Network Value to Transactions Signal) is an on-chain valuation ratio developed by analyst Willy Woo. It divides Bitcoin’s current NVTAdj (network value to adjusted transaction volume) by its own 90-day moving average, producing a dimensionless, mean-reverting signal instead of a raw ratio.
What does a high or low NVT Signal reading mean?
A reading above 1.0 means the network is processing less transaction value than its recent 90-day baseline — network value is running ahead of on-chain activity. A reading below 1.0 means transaction activity is running above the baseline relative to market cap.
What are the NVT Signal zones (Undervalued, Fair Value, Elevated, Overbought)?
This page labels the current reading against four zones: Overbought is above 1.5, Elevated is 1.2–1.5, Fair Value is 0.8–1.2, and Undervalued is below 0.8 — a quick read on where today’s network-value-to-activity ratio sits relative to its own baseline.
Is NVT Signal a reliable standalone indicator?
NVT Signal is on-chain data and market information, not financial advice — past on-chain patterns do not guarantee future price outcomes. It is best read as one contextual data point (alongside the current NVTAdj and 90-day moving average shown on this page) rather than a standalone basis for decisions.

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