AVIV (Active Value to Investor Value) is a Cointime Economics valuation ratio. It compares the market value assigned to economically active supply with the capital attributed to investors rather than miners.

That is a different construction from simply removing old coins from MVRV. AVIV combines Liveliness, supply, Realised Capitalisation and Thermocap to build a more selective cost-basis model.

How AVIV is calculated

Formula. Active Market Capitalisation ÷ Investor Capitalisation.

Active Market Capitalisation is spot price multiplied by Active Supply, where Active Supply equals Liveliness multiplied by Circulating Supply. Investor Capitalisation is Realised Capitalisation minus Thermocap, separating the realised value attributed to secondary-market investors from cumulative miner issuance revenue.

What the ratio is trying to improve

Classic MVRV includes the full circulating supply and uses each output’s last-moved price as its cost-basis proxy. AVIV reweights that picture towards economically active supply and removes the producer component represented by Thermocap.

A reading of one means Active Market Capitalisation equals Investor Capitalisation. Above one, active supply is valued above this investor-cost model; below one, it is valued beneath it.

What it does not tell you

“Active Supply” is a modelled equivalent supply derived from Liveliness, not a list of coins known to be available for sale. “Investor Capitalisation” is also a constructed measure. Both are useful analytical choices rather than observable account balances.

AVIV does not identify owners, intent or a turning date. Its history is shorter as a published framework than MVRV’s, so historical zones deserve proportionate caution.

How to read it

Far above one. Active market value stands well above the investor-capital model.

Above one. Economically active supply carries aggregate unrealised profit under the model.

Near one. Active Market Cap and Investor Cap are close to balance.

Below one. Active supply is valued below the modelled investor cost basis.

Historically low. A rare downside deviation, best treated as a condition rather than a trigger.

The AVIV Ratio updates daily inside the Profit & Loss dashboard, alongside MVRV and other valuation measures.

Common questions

What does AVIV stand for?

Active Value to Investor Value: Active Market Capitalisation divided by Investor Capitalisation.

How is Active Supply estimated?

Within Cointime Economics, Active Supply equals Liveliness multiplied by Circulating Supply. It is an economically weighted equivalent supply, not a wallet label.

What is Investor Capitalisation?

Realised Capitalisation minus Thermocap. The subtraction is designed to isolate capital attributed to secondary-market investors from the cumulative value paid to miners through issuance.

How does AVIV differ from MVRV?

MVRV compares total Market Cap with Realised Cap. AVIV compares Active Market Cap with Investor Cap, changing both sides of the ratio.

Is AVIV more accurate?

It offers a different and potentially cleaner lens on active investor cost, but it relies on more modelling assumptions. Read it beside MVRV rather than treating either as ground truth.