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Valuation Models

NVT Ratio

Network Value to Transactions - Bitcoin on-chain P/E ratio

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Chart informationNVT Ratio

About This Indicator

The NVT Ratio (Network Value to Transactions) is Bitcoin's equivalent of a P/E ratio: market cap divided by daily on-chain transaction volume. The NVT Signal uses a 90-day moving average of NVT to reduce noise. Values above 150 historically signal overvaluation relative to network usage; values below 45 signal undervaluation.

Current Value & Interpretation

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Data Sources

  • Transaction Volume: Blockchain.info estimated-transaction-volume-usd (full history)
  • BTC Price & Supply: CoinGecko (stored daily)

Last Updated

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Related Charts

  • Stock-to-Flow ModelCompares existing Bitcoin supply (stock) with new issuance (flow) to model scarcity. The app derives a model price from the ratio using the calibration 0.4 × ratio³.
  • Stock-to-Income RatioExtends the Stock-to-Flow idea by folding miner transaction fees/income into the issuance side, giving another lens on Bitcoin scarcity and model valuation.
  • MVRV Z-ScoreCompares Bitcoin market value with realized value, normalized to a Z-Score, to identify historically overheated and undervalued conditions.
  • Realized PriceEstimates the average on-chain acquisition price of circulating coins (aggregate cost basis). Spot below realized price implies aggregate loss; spot far above implies a large profit premium.