Measures the premium that the market places on Bitcoin above its utility value (transaction volume). A high monetary premium indicates strong store-of-value demand.
Rising monetary premium suggests increasing adoption as a store of value rather than just a medium of exchange. Important for understanding Bitcoin's evolving role.
Bitcoin's price adjusted for monetary inflation (M2 money supply growth). Shows Bitcoin's real purchasing power value over time by removing the effects of currency debasement.
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.
A mathematical model that plots Bitcoin's price on a logarithmic scale over time, creating a corridor of expected prices. Based on the observation that Bitcoin's price follows a power law relationship with time.
The aggregate cost basis of all Bitcoin in circulation, calculated by dividing the Realised Cap by the total supply. Each UTXO is valued at the price it was last moved. This creates an on-chain average purchase price for the entire network.