Cointime NVT — Bitcoin onchain, per block

A price-to-earnings style ratio for bitcoin, where the "earnings" are the value of the dormant holding time being cashed in. High means the market is expensive against how much economic work the chain is doing.

DefinitionActive cap / the 90-day mean of (price x coin-days destroyed).

LimitProvisional. The source paper's definition was truncated mid-sentence in METRIC-IDEAS s1.7, so the 90-day window is our choice, not theirs.

Unitratio

Reconstructed or not yet settled. The shape is usable, the exact level is not.

Also filed under

Cointime price models What is bitcoin worth once you weight coins by how long they sat still?
Bitcoin price what one bitcoin trades for
True market mean what coins that actually trade cost their owners
Active realized price cost basis with dormant and lost coins stripped out
Vaulted realized price cost basis measured against the hoard
Cointime price a floor built from how long coins sat still
Cointime price (coinblocks basis) the paper's verbatim version of the same floor
Investor cap cost basis excluding coins bought from miners
Active cap market cap of the coins that are economically awake
Cointime cap cointime price applied to the whole supply

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