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NVT ratio

Network value to transactions: market capitalisation against the value settled on chain, on 90-day averages.

221.7 on Sep 21, 2026, against 211.9 a year earlier.

Bitcoin’s price-to-earnings ratio: market capitalisation divided by the dollar value the chain settles. A high reading means the network is valued richly against its use; a low one means it is cheap. Both series are averaged over 90 days, which is how the signal is usually read.

NVT ratio (90-day), month by month

Month	NVT ratio (90-day)
2025-10	197.2
2025-11	170.4
2025-12	165.8
2026-01	174.7
2026-02	194.6
2026-03	203.6
2026-04	211.6
2026-05	249.8
2026-06	239.2
2026-07	236.1
2026-08	218.5
2026-09	221.7

Questions

What is nvt ratio today?

221.7 as of September 22, 2026, up 1.4% over the last 30 days.

How has it changed over the past year?

A year ago it was 211.9; today it is 221.7, a change of +4.6%.

What is the highest nvt ratio (90-day) on record?

253.0, on May 27, 2026.

How is this chart calculated?

Bitcoin’s price-to-earnings ratio: market capitalisation divided by the dollar value the chain settles. A high reading means the network is valued richly against its use; a low one means it is cheap. Both series are averaged over 90 days, which is how the signal is usually read.

By year

2026 · 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013

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Updated daily. Latest data 2026-09-22.

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