BTC: NVT Golden Cross

Shown as its 2019–2022 sample; the latest readings and full history are included with Plus.

The NVT ratio's 10-day average minus its 30-day average, in units of the NVT ratio's 30-day standard deviation: a short-against-long momentum reading of NVT.

Why use it. NVT, market value over on-chain transfer value, rises when price outruns the value moving on chain. A short average pulling far above the long one flags a quick run-up in valuation against usage; far below, the reverse. How to read it. Above 0 NVT is rising against its recent trend, below 0 falling. Nine readings in ten have stayed between about −0.75 and +0.75; beyond ±1 has come on about 2% of days, at short-term extremes of valuation against usage. It is a short-term gauge, not a forecast.

Calculation. (10-day mean of NVT − 30-day mean of NVT) ÷ the population standard deviation of its last 30 daily values. NVT is the published raw-output NVT ratio from our own node. Calculated from our own validated Bitcoin Core node history at the accepted daily closes.