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BITCOIN AVIV

Is Bitcoin Priced Above What Investors Paid?

Bitcoin's market value compared with the money active investors actually put in. Around 1-to-1 is fair value — above it the market pays a premium, below it Bitcoin trades at a discount.

Updated 18 hours ago
maketomaketo.com/indicator/aviv024620122014201620182020202220242026TODAY0.89

1.0 means the market exactly matches the money active investors put in. Above it the market pays a premium; below it Bitcoin trades at a discount.

  1. Is Bitcoin priced above what investors put in?

    On the Cheap Side

    The premium over what investors paid is below its usual range.

  2. Is that unusual compared to the past?

    On the cheap side — at the 17th percentile of the last 4 years.

    CheapExpensive

  3. What are the actual numbers?

    0.89
    Today's reading
    -0.9% over the last 30 days.
    0.46
    4-year low
    The deepest discount of the last 4 years.
    2.60
    4-year high
    The richest premium of the last 4 years.

  4. How far is the price from fair value?

    0.89
    Today's reading
    Bitcoin's market value per unit of money investors put in.
    1.00
    Fair value
    The market exactly matching what active investors paid.
    −11%
    Discount
    The market is valuing Bitcoin below what investors put in.

  5. What does this mean for you?

    Bitcoin is priced on the cheap side of what investors put in.

    At the 17th percentile of the last 4 years, the market's premium over what active investors paid is below its usual range — today's reading is 0.89 against a fair-value mark of 1.0.

    The average holder is sitting on thin gains (or losses), which historically means fewer people are tempted to sell.

    A quiet positive. The historical edge from this zone came from holding through it, not trading around it.

    What to watch from here
    • Currently 0.89 against a 1.0 fair-value mark — the 17th percentile of the last 4 years.
    • The 30-day move is -0.9%. A drift lower would push this into genuine discount territory.
    • Thin holder gains historically mean fewer people are tempted to sell — a quiet floor under the price.
Above or Below What People Paid? →
The classic price-vs-cost-basis read this measure refines.
What Did People Actually Pay? →
The network's average buy price in dollars.
Backed by Real Use? →
Bitcoin's price against actual network activity.

Understanding AVIV Ratio

The AVIV Ratio compares Bitcoin's market value to its 'investor value' — the money put in by holders who are actually active, leaving out coins that are lost or have sat dormant for years. A reading around 1.0 means the market values Bitcoin at roughly what active investors paid for it.

When AVIV runs well above 1.0, buyers are paying a large premium over the invested base — almost everyone is sitting on gains and more likely to sell. Those stretched readings have tended to cluster near major tops.

When AVIV falls below 1.0, Bitcoin is priced at a discount to what active investors put in. Historically, those discounts have lined up with deep lows that, in hindsight, were strong long-term buying windows.

It's close kin to the MVRV Ratio but uses a more refined 'active' investor base, which makes it less distorted by long-lost coins. Like any single gauge, it reads the big picture, not the day-to-day — best used alongside the other cheap-or-expensive measures.