Cointime NVT Ratio
Cointime Cap divided by 90-day smoothed transfer volume. A cointime-weighted Network Value to Transactions ratio - filters dormant-coin distortion from classic NVT.
What is it?
Cointime variant of the classical NVT ratio. Formula: NVT_CT = Cointime Cap / MA₉₀(Transfer Volume). The numerator (Cointime Cap) is a temporally-weighted capitalization incorporating coin age - it replaces classical market cap with a cointime-economics-respecting measure. The denominator (90-day smoothed transfer volume) represents reference on-chain economic activity. The ratio measures how many cointime value units are transferred per unit of economic volume - interpreted as a fundamental network valuation.
How to read
Line with historical ±σ bands overlaid. High ratio (above moving average +1σ): cointime valuation overvalued relative to economic activity - historically consistent with bull-cycle tops. Low ratio (below moving average -1σ): cointime valuation undervalued relative to activity - historically consistent with bear-cycle bottoms.
Key zones
Above +1σ historical: marked cointime overvaluation, watch-zone for potential reversals. Below -1σ historical: marked cointime undervaluation, potential floor-construction zone. Zone [-1σ, +1σ]: normal valuation regime. ±2σ extremes are rare and precede or accompany macro reversals.
What to observe
Compare cointime NVT with classical NVT. Informative divergences: a classical NVT marking overvaluation while cointime NVT stays neutral indicates apparent overvaluation comes from market-cap noise (short-term new-entrant volume), not a fundamental cointime-valuation issue. Conversely, an extreme cointime NVT with neutral classical NVT is a deeper indication - overvaluation or undervaluation is structural.
Historical context
Cointime NVT is computable since Cointime Cap and transfer volume are simultaneously available (approximately post-2013). Historical extremes coincided with major reversals: cointime NVT peaks late 2017, mid-2019, late 2021 (all bull-market tops); cointime NVT troughs late 2015, late 2018, March 2020, November 2022 (all bear-market bottoms or capitulations).
Expert notes
The denominator's 90-day smoothing is conventional in NVT literature - it filters daily transaction noise without masking structural shifts. The mathematical identity NVT_CT × Volume = Cointime Cap constitutes an invariant tested by TAE audit F (Batch 1 specific math rule). Any divergence greater than 2 percent on this invariant triggers an audit FAIL - structural guardrail against pipeline errors.
Common mistakes to avoid
A high cointime NVT is not automatically a sell indication - it marks cointime valuation is high relative to volume, a necessary but not sufficient condition for reversal. Macro context (cycle phase, momentum, external liquidity) determines actionability. Do not confuse with cointime RVT (companion RVT ratio in the batch): NVT uses Cointime Cap, RVT uses Realized Cap. The two indicators are complementary.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/cointime-nvt/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "cointime-nvt",
"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.