NVT Signal
Is the price backed up by real network activity?
This compares Bitcoin's price tag to how much the network is actually being used, smoothed over 90 days. Read more
At 113.33, this is in the middle — not giving a strong signal either way. The market isn't clearly cheap or expensive right now.
Right in the middle of where it's been over the last 4 years — nothing unusual.
This has been climbing over the past 6 months, going from 108.88 up to 113.33. The trend is heating up.
Understanding NVT Signal
This divides Bitcoin's total value by the amount of money actually moving through the network. It's smoothed over 90 days so daily spikes don't throw it off. Basically, it asks: is the price justified by what people are actually doing with Bitcoin?
When this is high, the price is growing faster than actual usage. That means people are buying based on excitement, not because more value is flowing through the network. In past cycles, this disconnect has shown up before corrections — the price was writing checks the network couldn't cash.
When this is low, the network is busy relative to Bitcoin's price tag. That means lots of real value is moving around, which supports the current price. Low readings during price dips have been solid buying opportunities — the fundamentals were stronger than the price suggested.
One thing to keep in mind: this doesn't capture everything. Payments on Lightning Network or transactions settled through exchanges don't show up here. As Bitcoin's payment layers grow, this metric might understate how much the network is actually being used. Use it alongside other tools.