Bitcoin's market sentiment was bullish in June 2022, as is shown in the development of the cryptocurrency's NVT ratio. The Network Value to Transactions or NVT ratio is somewhat comparable to a P/E ratio, in that it compares the number of transactions of a particular coin on a set day against that coin's market cap. A low NVT ratio means that that transaction volume of a cryptocurrency is growing faster than the coin's market cap - meaning investor sentiment is bullish, or optimistic - whereas a high ratio refers to a network that has a relatively high network value but low network activity - meaning sentiment is bearish, or negative.
NVT ratio - the market cap against the number of transactions on the blockchain - of Bitcoin (BTC) from January 1, 2021, to April 21, 2025
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Coin Metrics. (April 22, 2025). NVT ratio - the market cap against the number of transactions on the blockchain - of Bitcoin (BTC) from January 1, 2021, to April 21, 2025 [Graph]. In Statista. Retrieved May 04, 2025, from https://www.statista.com/statistics/1343514/bitcoin-sentiment/
Coin Metrics. "NVT ratio - the market cap against the number of transactions on the blockchain - of Bitcoin (BTC) from January 1, 2021, to April 21, 2025." Chart. April 22, 2025. Statista. Accessed May 04, 2025. https://www.statista.com/statistics/1343514/bitcoin-sentiment/
Coin Metrics. (2025). NVT ratio - the market cap against the number of transactions on the blockchain - of Bitcoin (BTC) from January 1, 2021, to April 21, 2025. Statista. Statista Inc.. Accessed: May 04, 2025. https://www.statista.com/statistics/1343514/bitcoin-sentiment/
Coin Metrics. "Nvt Ratio - The Market Cap against The Number of Transactions on The Blockchain - of Bitcoin (Btc) from January 1, 2021, to April 21, 2025." Statista, Statista Inc., 22 Apr 2025, https://www.statista.com/statistics/1343514/bitcoin-sentiment/
Coin Metrics, NVT ratio - the market cap against the number of transactions on the blockchain - of Bitcoin (BTC) from January 1, 2021, to April 21, 2025 Statista, https://www.statista.com/statistics/1343514/bitcoin-sentiment/ (last visited May 04, 2025)
NVT ratio - the market cap against the number of transactions on the blockchain - of Bitcoin (BTC) from January 1, 2021, to April 21, 2025 [Graph], Coin Metrics, April 22, 2025. [Online]. Available: https://www.statista.com/statistics/1343514/bitcoin-sentiment/
