NVT ratio

Network value (market cap) divided by daily on-chain transaction volume, a bit like a price/earnings ratio.

What it means

High readings mean value is running ahead of on-chain use; low readings mean heavy use for the value.

What to watch

A smoothed NVT climbing while price rises and on-chain volume does not.

How Compass-Alpha uses it

Background only; not used in any figure on Compass-Alpha.