AVIV — Bitcoin onchain, per block

The best-centred of this family: a high value means the coins that actually move are worth far more than they cost, a low value means they are worth less than was paid for them.

DefinitionActive cap / investor cap = (market cap x liveliness) / (realized cap - thermocap). Verbatim from the ARK cointime paper.

LimitProvisional in substance: thermocap can mean the block subsidy alone or the subsidy plus fees, and neither paper says which. We use the full coinbase output. Price / true market mean is the same quantity by another route, because the supply cancels, so that row was removed from the cycle dashboard rather than counted twice. It still has its own chart. The paper puts AVIV's median at 1.038 against MVRV's 1.601, so AVIV = 1 really is neutral where MVRV = 1 is deeply oversold.

Unitratio

Also filed under

Cointime valuation ratios How far is the price above the cointime cost bases? (peaks, lows and the centred one)
Cycle position Where in the cycle are we, on the fifteen indicators the dashboard ranks?
Price / true market mean price against what circulating coins cost their owners
Active MVRV profit multiple on the coins that trade
Vaulted MVRV profit multiple against the hoard
Cointime MVRV how far price is above the cointime floor

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