AVIV Ratio
Active Value to Investor Value ratio - the cointime-native MVRV. Compares only economically active market cap to investor cap, removing dormant coin noise.
What is it?
The AVIV (Active Value to Investor Value) Ratio is the Cointime equivalent of MVRV: it divides Market Cap by Active Cap instead of Realized Cap. By excluding dormant coins from the denominator, AVIV offers a 'cleaner' measure of active participants' latent profit. Classic MVRV is 'diluted' by Satoshi's coins and other lost coins that artificially lower Realized Cap. AVIV corrects this bias, producing more precise overheating and undervaluation indicators.
How to read
Identical to MVRV: above 1, active participants are at average profit. Extremes are reached at lower levels than classic MVRV (the denominator being larger). Overheating and capitulation zones are recalibrated relative to MVRV but directional meaning is identical.
Key zones
AVIV > 2.5: overheating (classic MVRV would be > 3.5 at this point). AVIV < 1: active participant capitulation. AVIV = 1: True Market Mean Price is touched - crucial decision point. Thresholds are structurally more stable across cycles than MVRV's.
What to observe
Divergences between AVIV and classic MVRV reveal the impact of dormant coins on analysis. When they diverge significantly, it means the dormant coin base has changed (massive awakening or new dormancy).
Historical context
Backtests show AVIV would have produced top and bottom indicators 1-3 weeks ahead of classic MVRV in 3 of 4 past cycles. The advantage is marginal but consistent.
Expert notes
AVIV is mathematically: price / True Market Mean Price. It is the most direct indicator for evaluating whether price is above or below active participants' cost basis. The ARK paper shows AVIV has a higher Sharpe ratio than MVRV for cycle identification.
Common mistakes to avoid
AVIV is not 'better at everything' than MVRV. In certain scenarios (very old coin analysis, lost supply estimation), classic MVRV remains more appropriate. AVIV is better for active participant analysis specifically.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/aviv-ratio/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "aviv-ratio",
"timeframe": "1y"
}Required tier: pro. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.