BITCOIN AVIV
Is Bitcoin priced above what investors paid?
What the market pays for the part of Bitcoin still in play, against the money investors put in. At 1× the two are equal. Above it the market pays a premium over that money, below it a discount.
Value of Bitcoin still in play per dollar investors put in
1× is where the market values the part of Bitcoin still in play at exactly the money investors put in. Above the line it values it at more, below the line at less. The scale squeezes the bigger readings so the whole record fits in one view.
Inspect and compare dates
Pick two to four dates to compare the reading on each.
| Measure | Change | Relative change | ||
|---|---|---|---|---|
| Value per dollar put in | 1.22× | 1.30× | +0.08× | +6.6% |
Right now
The value of Bitcoin still in play, for every dollar investors put in, is in its usual band for the last four years.
The reading is 1.30×: for every dollar investors put in, the market values the part of Bitcoin still in play at $1.30.
Against the last four years
In its usual band
Around the middle of its four-year ranking, at the 44th percentile. The weekly average is higher than it was on 44% of the days in the last four years, and lower than on the other 56%. Averaged over about a week the reading is 1.31×, between the lowest weekly average of those four years, 0.46×, and the highest, 2.60×.
The ranking uses the reading averaged over about a week, so one unusual day moves it only a little. The chart's line is each day's own reading, so it moves further than the ranking does.
Against what investors put in
That is a premium of 30% over the money they put in. At 1× the market would value it at exactly what they put in, and below 1× at less.
1× is a line in the measure itself, where its two halves are equal. It is not a price anything has to return to.
What changed
The reading rose from 1.20× to 1.30× over the past month, since 28 Aug 2026.
It rises when the price climbs faster than the money investors have put in, and falls when it does not.
For you
Against the money investors put in, the part of Bitcoin still in play is valued about as usual for the last four years, near neither end of them.
What to watch from here
- Watch for a sustained move toward either end of its four-year ranking. Day-to-day moves shift the ranking little, because it uses the reading averaged over about a week.
A large paper gain does not mean holders are selling, and a thin one does not mean they must.
Understanding
AVIV Ratio
Where it stands today
Bitcoin's market value sits 30% above investor cost as of .
What does this chart measure?
It sets what the market pays for Bitcoin against the money investors have put in, with one part taken out of each. The top half is Bitcoin's market value less a value tied to coins that have sat still for a long time. The bottom half counts every coin at the price it last changed hands at, the closest thing there is to what its owner paid, and takes out the coins miners have been paid, valued on the day they were paid, so what is left is the money investors brought in. A reading of 1× means the two halves are equal.
Why take those two parts out?
A coin that has sat still for years may belong to a patient owner or to a lost key, and there is no telling which, so the top half takes out a value tied to those coins to keep the reading about the part of the market still in play. The bottom half takes out miners' pay so that it counts money investors brought, not coins miners were paid. The MVRV Ratio asks the same question with nothing taken out. Open the MVRV Ratio.
Why compare it with the last four years?
The reading drifts as Bitcoin's market changes, so a fixed level would mean different things in different years. So each day's reading, averaged over about a week, is ranked against the same weekly average on every day of the last four years, and the page's five bands follow that ranking from its bottom to its top.
What can it miss?
The price a coin last moved at stands in for what its owner paid, and it is not a receipt: moving coins between your own wallets resets it. The reading is a place in a ranking, not a forecast, and it has stayed near either end of that ranking for months at a time. It is not advice to buy or sell.
The numbers
behind the chart
What does the current reading show?
Value per dollar put in: the latest reading is 1.30×, on . The highest reading since is 6.43× on ; the lowest is 0.03× on .
Daily readings since 1 Jan 2012 let you compare today with earlier months. Highest and lowest cover every reading since then; month-end values use the last reading on or before that date. The latest reading is 1.30×.
What are the latest, highest and lowest readings?
| Measure | Latest | Highest | Lowest |
|---|---|---|---|
| Value per dollar put in | 1.30× | 6.43× | 0.03× |
How do the readings compare with earlier dates?
| Reference date | Value per dollar put in |
|---|---|
| 1 month ago | 1.20× |
| 3 months ago | 0.82× |
| 6 months ago | 0.94× |
| 1 year ago | 1.85× |
| 2 years ago | 1.86× |
What was the reading at each month’s end?
| Reading date | Value per dollar put in |
|---|---|
| 1.22× | |
| 0.91× | |
| 0.80× | |
| 1.09× | |
| 1.14× | |
| 0.98× | |
| 0.94× | |
| 1.13× | |
| 1.30× | |
| 1.35× | |
| 1.72× | |
| 1.88× | |
| 1.83× | |
| 2.05× | |
| 2.01× | |
| 2.03× | |
| 1.90× | |
| 1.64× | |
| 1.70× | |
| 2.19× | |
| 2.07× | |
| 2.45× | |
| 1.93× | |
| 1.78× |
Source: Maketo's daily record of what Bitcoin still in play is worth against the money investors put in. Reading for .