Market cap ÷ volume — Market cap ÷ on-chain USD volume (28d MA) — high = price rich vs actual throughput
NVT ratio is a Bitcoin valuation indicator: Market cap ÷ volume. It compares market conditions with a long-term benchmark, network activity or available liquidity.
Read the level together with its own history. Extremes and sustained regime changes tend to be more informative than small day-to-day fluctuations.
A valuation metric can stay elevated or depressed for months. Confirm it with price, holder behaviour and liquidity rather than treating it as a timing tool.