Cointime MVRV
how far price is above the cointime floor
Cointime price is a floor-like estimate of what bitcoin is worth, built from how long coins sat still before they moved: a high value means the price is far above that floor, a low value means it is sitting on it.
DefinitionPrice / cointime price, where cointime price = the sum of (price x coin-days destroyed) divided by coin-days stored.
LimitProvisional, and it says so because it is not settled: our two source papers disagree with each other about cointime cap by 4.8% over a single day, and the published formula is in coinblocks while this is the coin-days version everyone else publishes. The shape is usable, the exact level is not. It also tracks reserve risk almost exactly (r = 0.999), so those two are one signal.