{"path":"/indicators/nvts","tier":2,"parameters":{"a":["SHIB"],"c":["native"],"f":["csv","json"],"i":["10m","1h","24h"]},"queried":{"a":"SHIB","path":"/v1/metrics/indicators/nvts"},"refs":{"docs":"https://docs.glassnode.com/basic-api/endpoints/indicators#get-v1-metrics-indicators-nvts","studio":"https://studio.glassnode.com/charts/indicators.Nvts","metric_variant":{"bulk":"/indicators/nvts/bulk","pit":"/indicators/nvts_pit"}},"bulk_supported":true,"timerange":{"min":1596268200,"max":1794239400},"modified":1794240232,"descriptors":{"name":"Network Value to Transactions Signal","short_name":"NVT Signal","group":"NVT","tags":["on-chain","valuation"],"description":{"default":"**Definition.** NVT Signal (NVTS) is a modified version of the original NVT Ratio that uses a 90-day moving average of the daily transaction volume in the denominator instead of the raw daily transaction volume. [NVT Ratio](https://studio.glassnode.com/metrics?a=BTC\u0026m=indicators.Nvt) is the unsmoothed variant.\n\n**Technical.** For BTC, the volume is change-adjusted. For ETH, the volume counts successful top-level transactions only, so internal transfers are ignored. For ETH tokens, self-transfers and zero-value transfers are excluded from the volume. For other assets, market cap is the sum of all address balances valued at the current price, so it can differ from [Market Cap](https://studio.glassnode.com/metrics?a=BTC\u0026m=market.MarketcapUsd), and the volume is the amount sent by each address; for DOGE, TON, TRX and XRP, all transfers are counted.\n\n**Interpretation.** The moving average smooths the denominator, allowing the ratio to function as a leading indicator.\n"},"data_sharing_group":"onchain"}}