AVIV Ratio (Active Value to Investor Value)
A measure of the relationship between actively transacted Bitcoin value and the broader investor cost basis. AVIV indicates whether the holder set is in aggregate profit or loss and whether the active part of the market is leading or lagging the broader cohort. AVIV equals Bitcoin price divided by True Market Mean. Its valuation centre is the expanding geometric mean (log), exp(mean(ln(AVIV))); σ bands use the population standard deviation of ln(AVIV). Multiplying these ratio levels by True Market Mean gives their USD equivalents. Percentile bands remain a separate, distribution-free view.
What AVIV Ratio Is
A measure of the relationship between actively transacted Bitcoin value and the broader investor cost basis. AVIV indicates whether the holder set is in aggregate profit or loss and whether the active part of the market is leading or lagging the broader cohort. AVIV equals Bitcoin price divided by True Market Mean. Its valuation centre is the expanding geometric mean (log), exp(mean(ln(AVIV))); σ bands use the population standard deviation of ln(AVIV). Multiplying these ratio levels by True Market Mean gives their USD equivalents. Percentile bands remain a separate, distribution-free view.
Where AVIV Ratio Appears in TBL Research
AVIV Ratio is one of the on-chain bitcoin indicators that TBL tracks. For how it fits the broader framework, see TBL Guide to On-Chain Bitcoin Signals.
Related TBL Resources
TBL Guide to On-Chain Bitcoin Signals
On-chain data lets you read what Bitcoin holders are actually doing rather than what they say. TBL combines seven cost-basis and cycle valuation models into a single Master Valuation score from 0 to 100, and reads cohort behavior through short-term-holder MVRV, SOPR, the long-term-holder cost basis spread, and the URPD distribution.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.