{"path":"/indicators/aviv","tier":3,"parameters":{"a":["BTC"],"c":["native"],"f":["csv","json"],"i":["24h"]},"queried":{"a":"BTC","path":"/v1/metrics/indicators/aviv"},"refs":{"docs":"https://docs.glassnode.com/basic-api/endpoints/indicators#get-v1-metrics-indicators-aviv","studio":"https://studio.glassnode.com/charts/indicators.Aviv","metric_variant":{"bulk":"/indicators/aviv/bulk","pit":"/indicators/aviv_pit"}},"bulk_supported":true,"timerange":{"min":1279411200,"max":1782432000},"modified":1782560400,"descriptors":{"name":"Active-Value-to-Investor-Value (AVIV) Ratio","short_name":"AVIV","group":"Indicators","tags":["on-chain","valuation"],"description":{"default":"**Definition.** Active-Value-to-Investor-Value (AVIV) Ratio is a Cointime-adjusted aggregate-profitability oscillator, the ratio of Active Market Cap to Investor Cap, equivalently spot price divided by the True Market Mean Price. The True Market Mean Price, or Active-Investor Price, is a representative cost-basis model for all coins acquired on secondary markets and is calculated as the ratio of Investor Cap to Active Supply.\n\n**Technical.** Active Supply represents the economically active supply region. AVIV is proposed as a Cointime variant of MVRV comparing Active Market Cap to Investor Cap.\n\n**Interpretation.** The long-term mean and median sit very close to 1.0, consistent with the True Market Mean Price acting as a market-wide cost-basis anchor. Readings above 1 place the active-investor cohort in aggregate unrealized profit, readings below 1 place it in aggregate unrealized loss.\n\n**Notes.** Developed within the Cointime Economics framework for Bitcoin, a joint venture between Glassnode and ARK Invest. Full details are available as an overview primer ([Version I, ARK](https://ark-invest.com/white-papers/cointime-economics)) and a specialist guide ([Version II, Glassnode](https://get.glassnode.com/cointime-economics/)).\n"},"data_sharing_group":"onchain"}}