Active MVRV puts the Market Value to Realised Value question to the coin that genuinely changes hands, leaning away from supply that has gone quiet. What comes back describes the tradeable float rather than every coin ever mined.

The reasoning is blunt. Coin that has not stirred in years is not going to set a price, so including it drags the answer towards decisions nobody is making any more.

What it actually measures

The float turns over quickly, which means its purchase price keeps pace with the market instead of being pinned to levels paid a decade ago. That is what makes this the faster member of the family.

The gap against the whole-market figure is itself a reading. It widens after long quiet stretches, when a large stock of untouched coin holds the broader number down while the tradeable part has already moved on.

The width of that gap roughly indicates how much coin is actually available. Keep it narrow and most of the supply is taking part; open it up and a modest slice is shouldering everything.

Dormant coin cannot set a price

Any whole-market valuation quietly assumes that every coin is equally capable of trading. Most are not. A great deal of the supply belongs to people who have declined to sell through several cycles and show no sign of starting now.

Weighting towards what actually moves fixes an assumption rather than adding a technique. The result answers what the coin available for trading paid, which is the only cost that can be defended or abandoned in the next few weeks.

What it does not tell you

What counts as circulating rests on a threshold somebody picked. Move it and the answer moves, which makes this a family of readings with a setting attached rather than one number.

Faster is not the same as better. Reacting sooner also means reacting to more that turns out to be nothing, and the whole-market figure remains the steadier of the two for describing a cycle.

The measure carries every ambiguity of inferring cost from movement. Coin acquired away from the chain and transferred in arrives with a figure nothing here witnessed, and that noise is inherited whole.

How to read it

Euphoria. The tradeable float is priced far above what it paid, at the top of everything on record.

Elevated. The float is carrying a substantial gain against its own purchase price.

Fair. The float is priced close to what it actually paid.

Discount. The tradeable coin is worth less than it cost, so the typical active holder is behind.

Deep value. The float is priced far beneath its cost, a range confined to the very worst phases.

Active MVRV is drawn on the Profit & Loss dashboard, beside MVRV, LTH MVRV and AVIV Ratio.

Common questions

Why leave out the quiet coin?

Because supply untouched for years is not going to set a price. Leaning towards what circulates gives a cleaner answer about what the tradeable market actually paid.

Why does it turn sooner than the plain figure?

Because the float changes hands quickly, so its purchase price keeps pace with the market rather than being pinned to levels paid many years ago.

When do the two part company?

After extended lulls, when a big pile of untouched coin anchors the broader number while the tradeable slice has moved on. How far apart they sit roughly indicates how much coin is actually available.

Is faster necessarily better?

No. Reacting sooner also means reacting to more that comes to nothing, and the whole-market figure stays the steadier of the two for describing a cycle.

Where does the boundary sit?

At a threshold somebody chose for how long coin must sit before it stops counting. Shift it and the answer shifts, which makes this a family of readings with a setting rather than one figure.