Firsthand Bitcoin · Data · Bitcoin miners
Network value to transactions: market capitalisation against the value settled on chain, on 90-day averages.
NVT ratio (90-day) opened 2025 at 150.7 (January 1, 2025) and closed at 165.8 (December 31, 2025), up 10.0%. The high was 233.3 on July 10, 2025 and the low 150.7 on January 1, 2025.
| Month | Month end |
|---|---|
| January 2025 | 165.2 |
| February 2025 | 198.0 |
| March 2025 | 226.7 |
| April 2025 | 217.3 |
| May 2025 | 218.4 |
| June 2025 | 226.3 |
| July 2025 | 217.5 |
| August 2025 | 215.7 |
| September 2025 | 207.8 |
| October 2025 | 197.2 |
| November 2025 | 170.4 |
| December 2025 | 165.8 |
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.
Other years: 2026 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 · 2018 · 2017 · 2016 · 2015 · 2014 · 2013
Also in 2025: Bitcoin price · Distance from the all-time high · 200-day and 200-week averages · Network hashrate · Mining difficulty · Difficulty adjustments · Fees paid to miners · Transactions per day · Hashprice · Miner revenue · Miner prices per terahash · Bitmain releases and the bitcoin price