The ratio of Bitcoin's price to its 200-day moving average. Created by Trace Mayer. A simple but effective measure of whether Bitcoin is overextended or undervalued relative to its longer-term trend.
Mayer Multiple > 2.4 has historically indicated unsustainable growth and potential tops. Below 0.8 historically signals deep value and accumulation opportunities.
Realised HODL Ratio — compares the realised value of 1-week-old coins to 1-2 year-old coins. Measures the ratio between speculative and conviction capital in the market.
Network Value to Transaction Price — derived from the NVT ratio, this metric estimates a fair value for Bitcoin based on its on-chain transaction volume, similar to using P/E ratios to value stocks.
Active Value to Investor Value — a refined version of MVRV that adjusts for active supply and investor behavior. Provides a cleaner signal of market valuation by filtering out dormant and lost coins.
An enhanced version of the Realised Price that adjusts for lost coins and very old UTXOs. Provides a more accurate representation of the active market's aggregate cost basis.